In Jammu and Kashmir, 5.9 million tonnes of lithium reserves have been discovered for the first time in India, according to the Mines Ministry’s announcement on Thursday (February, 9).
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According to the Ministry of Mines, the Geological Survey of India has for the first time discovered 5.9 million tonnes of lithium inferred resources (G3) in the Salal-Haimana area of the Reasi district of Jammu and Kashmir.
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Lithium-ion battery prices increased last year for the first time in the EV era. Elon Musk lamented lithium’s “insane” surge and claimed that one of the major challenges facing Tesla Inc. was the high cost of raw materials.
As Prime Minister Narendra Modi pledges to achieve net zero by 2070, the central government has announced incentives worth at least $3.4 billion to speed up its sluggish adoption of EVs. The theory is that producing the most expensive component—batteries—locally will lower the final price for the mass market and position the nation as a potential exporter, taking advantage of the soaring worldwide demand.
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