A massive lithium-ion reserve has been found in Jammu and Kashmir. The Indian Geological Survey said about 5.9 million tons of lithium is stored here.
After finding this lithium reserve, India EVs future has brightened and prospective. Only a few countries mine this lithium and China is the world’s largest lithium cell manufacturer. After this reserve India will have the 2nd largest lithium reserve after Argentina.
According to the Council on Energy, Environment and Water(CEEW), the government will acquire more Rs 33,000 crore of investment from domestic EVs manufacturing companies. India is targeting 50 GWh lithium-ion and battery manufacturing plants.
It is expected, India will need 70-100 GWh lithium-ion cells by 2030.
Founder and CEO at Log 9 Materials, told IANs “The 5.9 million tonnes of lithium reserves found in Jammu and Kashmir which is 2nd largest in the world. After being completely extracted and converted into a lithium battery, it can support up to 6 TWh of cell production, which would give India a much awaited push to achieve its net zero goals.
Lithium-ion is a light weight material which is known as “white Gold“. To convert raw lithium-ion to a battery cell, we need two other materials such as oxides and carbonates, cobalt, Nickel. For these materials we need to depend on other countries.
As per report, India electric vehicles market can reach upto $300 billion by 2030. So, we need a huge amount of lithium-ion for EVs that we import from outside in India. This lithium reserves will not only reduce the dependence on other countries but also reduce the EVs price. As a result people of India will buy more EVs in future.
In the past two years, India’s electric two wheeler sales growth increased drastically. About 48,179 EVs were sold in FY20-21.
In 2021-22 it was increased to 2,37,811 and 4,42,901 in 2022-23.
Right now, more than 13 lakh EVs are running in India including Two, three and four wheelers. In future for EVs in bright and lithium reserves discover in Jammu and Kashmir is give a boost the EV segment.