In recent years, India has witnessed a significant shift towards electric vehicles (EVs) as part of its commitment to reducing carbon emissions and promoting sustainable transportation. This transition has led to a surge in the demand for lithium, a critical component in EV batteries. The EV market in India has been moving towards acquiring the largest segment in the global EV market, with an expected CAGR of 36% as per a report by the India Energy Storage Alliance (IESA). One of the subsectors of this market is the lithium mining sector, where the country has significantly been an import dependent country, with lithium imports amounting to around INR 163 billion during FY2023. There has been an evident rise in demand for lithium in not only the EV market but also for other electronics and machinery.
