Lithium reserves found in Rajasthan
Surpassing the capacity of the recently found reserves in Jammu and Kashmir
It will be a big boost for the EV industry.
Mr Varun Goenka, CEO & Co-Founder, Chargeup reacts, "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."
Mr Ankit Kedia, Founder & Lead Investor, Capital A, states, "Lithium-ion batteries are by far the most efficient, safer, and lightweight battery options for electric vehicles. This is where the discovery of Lithium reserves in different parts of India augurs very well for the 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. 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 to 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."
