How Lithium discovery will make EV affordable in India 2023
The Indian government has found lithium reserves for the first time in the country in Jammu and Kashmir. Lithium discovery news Lithium is a non-ferrous metal and is one of the prime components in EV batteries.
Geological Survey of India has for the first time established 5.9 million tonnes of inferred resources (G3) of lithium in the Salal-Haimana area of Reasi District of Jammu & Kashmir (UT),” tweeted the Ministry of mines.
Lithium discovery will make EV affordable :
This is great news for EV makers in India, where EV batteries are currently imported from overseas, resulting in high customs duties that jack up the prices of these cars.
“Out of these 51 mineral blocks, 5 blocks are related to gold, and other blocks are related to products like potash, molybdenum, base metals, etc. scattered across 11 states of Jammu and Kashmir (UT), Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand. Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, and Telangana,” it said. Currently, India is import-dependent on many minerals such as lithium, nickel, and cobalt.
Lithium discovery, boom EV industry :
The discovery of lithium is significant as India invests more in the electric vehicle market and aims to become a leading EV producer. As demand for lithium-ion batteries continues to grow, there is potential for the exploration and development of lithium deposits in India.
India finds lithium reserves for the first time in Jammu and Kashmir Oneindia News The government has taken initiatives to encourage the exploration and development of lithium resources, including providing incentives to companies to invest in the lithium industry. The Modi government has unveiled at least $3.4 billion in incentives to accelerate the lagging adoption of EVs as it pledges to reach net zero by 2070.
The government aims to make the most expensive component – batteries – locally manufactured to make the product more affordable for the mass market and set the country as a potential exporter, leveraging the resource. Industrialists like Mukesh Ambani, whose Reliance Industries Ltd. is building an EV battery facility in its push for clean energy. Also, scooter maker Ola Electric Mobility Pvt. And bullion refiner Rajesh Exports Ltd. is expected to receive incentives under a $2.3 billion program to support advanced battery cell development.
Despite serious efforts, India still faces challenges in developing its domestic lithium industry. It requires significant investment and infrastructure improvements to fully realize its potential.
