The Exchange Traded Fund (ETF) is a type of investment fund that functions similarly to mutual funds. It is a significant economic unit launched by the government to raise funds by selling shares of Central Public Sector Enterprises (CPSE). The government is currently considering selling a fresh tranche of CPSE ETF to gather Rs 4,000-5,000 crore in disinvestment. So far, this initiative has helped the government accumulate a whopping Rs 56,473 crore against the full year budget target of Rs 80,000 crore.
ETFs are composed of stocks from significant PSUs – including ONGC, Coal India, IOC, GAIL (India), Oil India, PFC, Bharat Electronics, REC, Engineers India and Container Corporation of India. They play a crucial role in helping hasten the government’s disinvestment program.
How do ETFs Work?
Exchange Traded Funds are traded on stock exchanges, functioning like regular shares. A group of stocks with designated weights reflects an index’s composition, forming the ETF. The net asset value of the underlying stocks it represents determines the ETF’s trading value. This system allows investors to gain broad exposure to entire stock markets in different countries and specific sectors with relative ease, real-time basis, and at a lesser cost than many other forms of investing.
Bharat 22 ETF
The Bharat 22 Exchange Traded Fund is another initiative undertaken by the Indian government. It comprises stocks of 22 Central Public Sector Enterprises (CPSEs), Public Sector Banks (PSBs), and Specified Undertaking of Unit Trust of India (SUUTI). ICICI Prudential Mutual Fund manages Bharat 22 ETF, founded by the government in the Union Budget of 2017.
Statistics of the Bharat 22 ETF
| ETF | Managed by | Founded Year |
|---|---|---|
| Bharat 22 | ICICI Prudential Mutual Fund | 2017 |
The Early Harappan Artifacts
Archeologists from the University of Kerala and Kachchh University have made an impressive discovery in Khatiya village of Kutch in Gujarat. They found artifacts that are believed to be around 5,000 years old, dating back to the early Harappan phase.
The excavation dug out rectangular graves of varying dimensions constructed using stones. These graves harbored skeletons positioned in a specific manner; they were oriented east-west with the heads located on the eastern side. The archaeologists unearthed earthen pots, potery shards, conch-shell bangles, beads made of stones and terracotta, numerous lithic tools and grinding stones on the western side, next to the legs. Moreover, few graves also recorded the presence of animal skeletons alongside human ones.
The burial methods varied, indicating non-uniformity. Certain graves demonstrated primary burial, while others revealed secondary burial, which entails exhuming the remains from the primary burial and moving them to another grave. A few graves even contained remains of those who appeared to have been cremated.
These tangible pieces of history bear striking similarities with artifacts unearthed from ancient settlements in Harappan sites, presenting in Pakistan’s Kot Diji and Amri, and North Gujarat’s Nagwada, Santhali, Moti Pipli, Datrana, Surkotada, and Dhaneti. These discoveries are invaluable, shedding light on the burial rituals and other customs prevalent in the Harappan civilization during its early phase running from 3300 BCE to 2600 BCE.
Last Modified: February 6, 2024