How is the Vice President of India elected?

Context

The Election Commission of India issued the notification for the election of the Vice President of India.

The term of office of Vice President M Venkaiah Naidu comes to an end on August 1.

Article 66 lays down the process of the election of the Vice-President.
It says the Vice-President “shall be elected by the members of an electoral college consisting of the members of both Houses of Parliament in accordance with the system of proportional representation by means of the single transferable vote and the voting at such election shall be by secret ballot”.
For the 16th Vice-Presidential Election, 2022, the Electoral College consists of 233 elected members of Rajya Sabha, 12 nominated members of Rajya Sabha, and 543 elected members of Lok Sabha, adding up to 788 members.

In the system of proportional representation by means of the single transferable vote, the elector has to mark preferences against the names of the candidates.

Under the Constitution, the Vice-President “shall not be a member of either House of Parliament or of a House of the Legislature of any State”. If a member of any of these Houses is elected to the post, “he shall be deemed to have vacated his seat in that House on the date on which he enters upon his office as Vice-President”.

Article 66(3) says “No person shall be eligible for election as Vice-President unless—

Under Article 66(4), “A person shall not be eligible for election as Vice-President if he holds any office of profit under the Government of India or the Government of any State or under any local or other authority subject to the control of any of the said Governments.”
Article 67 lays down that the “Vice-President shall hold office for a term of five years from the date on which he enters upon his office”. However, the Vice-President “shall, notwithstanding the expiration of his term, continue to hold office until his successor enters upon his office”.
The Vice-President may leave office before the end of his term by resigning to the President, or he “may be removed…by a resolution of the Council of States passed by a majority of all the then members of the Council and agreed to by the House of the People”.

The office of the Vice-President of India is the second-highest constitutional office after that of the President, and ranks second in the order of precedence.
Article 63 of the Constitution states that “there shall be a Vice-President of India”. Under Article 64, the Vice-President “shall be ex officio Chairman of the Council of the States” (Rajya Sabha).
Article 65 says that “in the event of the occurrence of any vacancy in the office of the President by reason of his death, resignation or removal, or otherwise, the Vice-President shall act as President until the date on which a new President…enters upon his office”.
The Vice-President shall also discharge the functions of the President when the latter is unable to do so “owing to absence, illness or any other cause”.
During this period, the Vice-President shall “have all the powers and immunities of the President and be entitled to (the) emoluments, allowances and privileges” that are due to the President.