In February, India received a news that has the potential to reshape its entire electric vehicle landscape. The Union Government announced groundbreaking discoveries of Lithium reserves, an astounding 5.9 million tonnes found in Jammu and Kashmir, and another significant reserve uncovered later on Revant hill in Degana, Rajasthan's Nagaur district, during a survey conducted by the Geological Survey of India (GSI). Together, these reserves are believed to fulfill up to 80% of India's lithium demand, making them game-changers for the nation's electric vehicle ambitions.
The critical role of lithium in the production of lithium-ion batteries cannot be overstated. With their superior energy storage capabilities, lithium-ion batteries require only 1 kg of lithium to store the same amount of energy that would need a hefty 6 kg of lead-acid batteries. Moreover, the exceptional longevity of lithium-ion batteries is a remarkable advantage. They lose just 5% of their charge per month, a significant contrast to the 20% monthly loss experienced by Nickel Metal Hydride (NiMh) batteries.
The recent lithium reserve discovery in India is poised to revolutionise the EV industry in the country. With lithium playing a vital role in the production of high-performance and long-lasting lithium-ion batteries, a readily available domestic supply will significantly reduce production costs for electric vehicles. This cost reduction, in turn, will make EVs more affordable and accessible to a broader segment of the population, encouraging higher adoption rates.
Furthermore, the exceptional characteristics of lithium-ion batteries, such as their ability to withstand thousands of recharge cycles, will contribute to improved battery life and overall vehicle performance. Electric vehicles will become more reliable and dependable, addressing the concerns of range anxiety and maintenance costs that have hindered their widespread adoption.
India's ambitious goal to achieve 30% EV penetration by 2030 was initially met with challenges related to limited access to critical materials like lithium. However, with the discovery of significant lithium reserves on home soil, India's journey towards e-mobility gains considerable momentum. The domestic availability of lithium will not only catalyse EV production but also strengthen India's position as a leading player in the global EV market.
The recent discovery of lithium reserves is set to be a game-changer for the Indian EV industry. The India eMobility Show will play an important role in showcasing the latest advancements in electric mobility technology and bringing together industry experts, manufacturers, and stakeholders to collaborate on harnessing the full potential of this resource. By fostering innovation and knowledge exchange, the India eMobility Show will facilitate the development of cutting-edge solutions that leverage the abundant lithium reserves in the country. It will also serve as a platform to discuss policy frameworks, investment opportunities, and collaborative initiatives to expedite the transition to an electrified transportation future.