GSI finds massive lithium reserves in Rajasthan to meet 80% of India's demand

Ankit Kedia, Founder & Lead Investor, Capital A said, "Lithium-ion batteries are by far the most efficient, safer, and lightweight battery options for the electric vehicles. This is where the discovery of Lithium reserves in different parts of India augurs very well for Indian EV ecosystem. It is true that the mere discovery of the Lithium reserves isn’t automatically going to change everything as we will need to build processing infrastructure and expertise. This is an area where countries like China and the US are far ahead of us in terms of sophistication and maturing of markets."

He further said, "At the same time, a start has to be made somewhere, and this potential of domestically produced Lithium usage in supporting the battery manufacturing industry and the overall EV ecosystem is huge. This would bring much needed encouragement in the domestic markets that have currently been affected by the withdrawal of the FAME II scheme. It must be noted that EV adoption in India has taken off in a big way and people are going to continue buying the EVs regularly when the holistic and supportive ecosystem is in place. That’s where I believe India has made great progress, and the recent discoveries of Lithium reserves will be highly instrumental."

As of now, India depends on imports for many minerals like lithium, such as nickel and cobalt, and has been looking to strengthen its supply of these key minerals, which are otherwise crucial for furthering its plans to expand its electrical vehicle footprint.

Pankaj Sharma, Co-Founder and Director of Log9 Materials said, "With the lithium reserves found in Rajasthan, our resolve for energy independence can only get stronger. Should most of the Lithium reserves discovered be extracted and be capable of being processed to Lithium carbonate and derivatives, India will be in a position to not just cater to its own Li-ion battery needs, but also will hold a dominant position as a critical supplier of the element globally."

At the moment, 47 percent of the world’s lithium production takes place in Australia, 30 percent in Chile and 15 percent in China. But, 58 percent of the mineral’s processing takes place in China, 29 in Chile and 10 percent in Argentina.

Varun Goenka, CEO & Co-Founder, Chargeup said, "As India discovers significant lithium reserves in Rajasthan, in addition to the previously discovered reserves in Jammu and Kashmir, the country is well positioned to become the 3rd largest market for EVs in the next 4 years. Batteries, being the single largest cost and supplies dominated by China, have been a major obstacle for India's EV industry."

"However, with the 'Make in India' initiative and the discovery of lithium reserves, India is now able to reduce its dependence on foreign countries and control the fluctuating price of lithium. This development not only enables India to meet its domestic requirements but also allows it to supply lithium to other countries, creating a promising future for the country's EV industry. The future seems #chargedup for India as it accelerates towards achieving its goal of transitioning towards sustainable energy sources while reducing its carbon footprint," he further added.