India aims for a third of private vehicles on the road to be EVs by 2030 and 65% of energy requirements to be met by renewable energy. To achieve these goals, India needs a large number of lithium-ion batteries but currently heavily relies on imports. However, India discovered massive reserves of lithium, which could be enough to power 6 crore EVs. To achieve self-reliance in mining critical minerals like lithium, the government has made several amendments. They opened up the critical minerals segment to the private sector, conducted mining auctions themselves to speed up the process, and introduced composite licenses. India also addressed high mining royalties, fixing it at a competitive rate of 3% for lithium and niobium. These amendments could lead to a significant boost in the mining industry, contributing around 2.5% to the GDP over the next five years and creating millions of jobs. Overall, these changes have the potential to help India achieve self-reliance in minerals and aid in its energy transition.
In today’s episode for 18th October 2022, we talk about new mining reforms which could be a big push to the mining industry.
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