In 2023 -Lithium found in India – A best opportunity for India

Lithium found in India

Good news for India , in 2023 Lithium found in India in the state of Jammu and Kashmir region with estimated reserves of 5.9 million tones, it represents a substantial domestic source of lithium, which can be crucial for the country’s ambitions in electric vehicles (EVs) and renewable energy storage.

This discovery could potentially reduce India’s reliance on lithium imports and strengthen its position in the growing EV market.

Worth of Lithium found in India

To estimate the cost of 5.9 million tons of a resource or product, The Lithium found in India cost can vary widely depending on the type of resource or product, its market price, location, extraction or production methods, and various other factors.

However, it’s important to note that discovering lithium deposits is just the first step. Developing these deposits into viable mining operations and ensuring environmentally sustainable practices are essential. Additionally, infrastructure for processing and refining lithium will be necessary to fully capitalize on this resource.

Advantages of Lithium found in India :

• Reduced Dependency on Imports: India is one of the world’s largest importers of lithium, and having domestic reserves can help reduce its dependence on foreign sources, enhancing energy security.

• Cost Savings: Producing lithium domestically can lower production costs for lithium-ion batteries, making electric vehicles more affordable for consumers.

• Support for EV Industry: The availability of a local source of lithium can stimulate the growth of the electric vehicle industry in India, potentially leading to increased manufacturing and job opportunities.

• Environmental Benefits: Increased EV adoption, supported by domestic lithium reserves, can contribute to reducing air pollution and greenhouse gas emissions, helping India meet its environmental and climate goals.

This discovery is undoubtedly a positive development for India’s clean energy and EV aspirations, and it will be interesting to see how the country leverages these reserves to advance its goals in the coming years.

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Strategic purposes of Lithium found in India –

• Diversification: India seeks minerals like lithium, cobalt, and rare earth elements from countries like Australia, Argentina, and Chile to diversify its sources and reduce reliance on a few suppliers.

• Resource Security: Ensuring a stable mineral supply is crucial for energy security and climate goals, helping India manage supply disruptions and price fluctuations.

• Geopolitical Positioning: Access to critical minerals enhances India’s global standing and strategic influence.

• Sustainability: India prioritizes ethical and eco-friendly mineral sourcing, considering responsible mining practices and environmental standards.

• Value Addition: India invests in downstream processing to create jobs and boost domestic industries.

• Collaboration: Partnerships with host countries and companies facilitate exploration, mining, and trade agreements.

These efforts support India’s renewable energy and EV sectors while addressing resource security and environmental concerns.

FICCI President Subrakant Panda emphasized the importance of leveraging India’s strategic relationships to access and extract critical resources. He underscored the need to develop integrated mining and supply chains as a means to achieve India’s vision of self-reliance, known as “Atmanirbhar Bharat.” Panda also stressed the necessity of implementing a long-term strategy aimed at reducing import dependency.

Panda highlights the following key points after Lithium found in India:

• Strategic Relationships: India should utilize its strategic partnerships with other nations to secure access to critical resources.

• Integrated Mining and Supply Chains: Developing comprehensive mining and supply chains is essential to ensure a steady and sustainable supply of these critical resources.

• Self-Reliance (Atmanirbhar Bharat): India’s goal is to become self-reliant, reducing its dependence on imports, especially for crucial materials.

• Long-Term Strategy: India needs a well-thought-out, long-term strategy to progressively decrease its reliance on imported resources, promoting economic self-sufficiency.

This approach aligns with India’s broader economic and industrial objectives, emphasizing self-sufficiency and resilience in key sectors, such as renewable energy and electric vehicles, by securing access to critical raw materials.

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