India has introduced its first index on the stock exchange dedicated to tracking the performance of companies in the electric vehicle ecosystem. The Nifty EV & New Age Automotive index, launched by NSE Indices Ltd, will monitor companies involved in electric vehicles, new-age automotive vehicles, hybrid technologies, and hydrogen fuel. Eligible companies will be those part of the broader Nifty 500 index engaged in the production and supply of electric or new-age automotive vehicles. The index, consisting of 33 stocks including top constituents like Bajaj Auto, Tata Motors Ltd, and Maruti Suzuki India Ltd, aims to serve as a benchmark for asset managers and attract passive funds like ETFs and index funds. The index will be reconstituted semi-annually and rebalanced quarterly. This move coincides with the Indian government's efforts to promote battery-operated and alternative fuel vehicles, with a notable rise in electric two and three-wheeler sales. Companies like Ola Technologies, Ather Energy, and Tata Motors are gearing up for IPOs, showcasing a shift towards electric vehicle adoption. Tata Motors has revealed plans to demerge into two publicly traded entities, emphasizing the growth of its electric vehicle segment alongside Jaguar Land Rover.