WHY IS LITHIUM DISCOVERY BIG DEAL FOR INDIA?
Is India's EV drive now set to take the fast lane?...
In a first, World's one of the largest Lithium reserves found in Jammu & Kashmir, India. This weighs around 5.9 million tonnes.
How will this discovery give a push to India ambition for EV industry? Let's talk about this -
Chile/ Lithium reserves: 9,300,000 MT Australia/ Lithium reserves: 3,800,000 MT Argentina/ Lithium reserves: 2,700,000 MT China/ Lithium reserves: 2,000,000 MT
Chile have the largest Lithium reserve while Australia was the largest lithium-producing country in the world in 2022.
DEMAND OF LITHIUM
Often called the 'White Gold', Lithium is a non- ferrous metal and is one of the key components in EV batteries.
As the world moves away from gasoline-fueled combustion engines, demand for lithium, nickel, cobalt and other metals that go into lithium-ion batteries is soaring.
WHY LITHIUM IS IMPORTANT FOR EVs?
The only alternative for electric cars is a lithium battery since it has a high power-to-weight ratio and can deliver a lot of power while keeping the curb weight of the car low.
It also works better in a variety of temperatures and is more energy-efficient. As a result, it is a safer and more dependable procedure than other ones.
It can also be used in batteries for gadgets like laptops and mobile phones.
INDIA'S AMBITION TO GROW EV INDUSTRY
As the world tries to wean itself off dependence on China for crucial battery materials, India is taking bold steps to position itself as an alternative in the electric vehicle supply chain.
However, India has only a fraction of the raw materials needed to satisfy domestic demand for lithium-ion batteries.
To fulfill the needs, India imports most of its Lithium battery from China, Japan and Vietnam and is the 2nd largest importer of Lithium battery in the World.
BIG DEAL FOR INDIA
India has a long way to catch up with China, still Lithium discovery a big deal in itself to reduce imports and give a push to the India's ambition of expanding into the EV market.