Saturday, March 2nd, 2024

The way to reduce the price of electric vehicles in India is clear, the center made this announcement regarding the lithium reserves found in Jammu and Kashmir

Photo: File price of electric vehicles

India In the coming days, the way to reduce the price of electric vehicles seems to be clear. Actually, the lithium block discovered last month in Jammu and Kashmir will be put up for sale. Mines Minister Prahlad Joshi has given this information. Let us tell you that Lithium is a non-ferrous metal and one of the major components in EV batteries. Joshi said in the Rajya Sabha, the Union Territory of Jammu and Kashmir government will auction the mineral block in the form of Composite License (CL). Thereafter the financial viability will be determined. The minister said, GSI (Geological Survey of India) executed G3 stage project in Salal-Haimna areas of Reasi district of Jammu and Kashmir during field season 2020-21 and 2021-22 and estimated resources of 59 lakh tonnes of lithium ( G3) estimated. The ore and the report have been handed over to the Government of the Union Territory of Jammu and Kashmir.

Till now dependence on other countries including China

As of now, India is heavily dependent on imported lithium-ion batteries due to lack of raw materials to make battery cells for EV vehicles. The country imports about 70 percent of its battery-cell requirements from China and Hong Kong, according to international management consulting firm Arthur D. Little. Large scale export of lithium to India costs a lot of foreign exchange. By getting lithium reserves in India, India’s foreign exchange will be saved. Along with this, India will be able to increase its revenue by exporting lithium. Let us tell you that the largest reserve of lithium is 9.3 million tonnes in Chile. 6.3 million tonnes of lithium is produced in Australia, 2.7 million tonnes in Argentina and 2 million tonnes in China. India imports the most lithium from China. With the availability of lithium in India, dependence on other countries including China will end. Also, there will be a big reduction in the cost of the battery. This will help in reducing the cost of electric vehicles.

India joins top 10 countries

India has joined the top 10 countries with the highest lithium reserves. So far 88 million tons of lithium have been detected in the world. Bolivia ranks first with 21 million tons of lithium, followed by Argentina with 20 million tons, the United States with 12 million tons, Chile with 11 million tons, Australia with 7.9 million tons. China is seventh with 6.8 million tonnes and India with 5.9 million tonnes. According to a report released by the Center for Environment and Water (CEEV), India needs an investment of up to Rs 33,750 crore to achieve the government’s PLI target of setting up 50 GWh lithium-ion cell and battery manufacturing plants. The country needs 903 GWh of energy storage to decarbonize its power sectors by 2030, and lithium-ion batteries will meet this huge demand.

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