The discovery may usher new economic opportunities and employment for the state.
According to central government reports, around 5.9 million tonnes of lithium reserves have been found in the Salal area. A non-ferrous metal, lithium is one of the key components used in EV batteries.
Currently, South America’s Chile has the world’s largest known lithium reserves at 9.2 million tonnes, followed by Australia (5.7 million tonnes), Argentina (2.2 million tonnes), and China (1.5 million tonnes).
“Lithium reserves discovered by the Geological Survey of India (GSI) in Jammu and Kashmir is one of the most crucial metals that is currently used in electric vehicle batteries,” Akshay Kashyap, Managing Director, Greenfuel Energy Solutions Pvt. Ltd, a Gurugram-based company that manufactures components and alternative solutions for the automobile industry. He also said India currently imports around 70% of its lithium requirement from countries like China and Hong Kong.
This story is from the March 1 - 31, 2023 edition of BUSINESS ECONOMICS.
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This story is from the March 1 - 31, 2023 edition of BUSINESS ECONOMICS.
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