LITHIUM: A MAJOR JACKPOT FOR INDIA / LITHIUM: THE WHITE GOLD OF 21st CENTURY
Gold and the fabled “Black gold”(Crude oil) have been a resource of heists and a key to dominating the world. They played a critical role in shaping the bloodline of the 20th century’s economy.
Although India never had a favour for both components, the significant discovery of the novel “white gold”(Lithium) will surely be a game changer for India.
Recently, a lithium reserve of around 5.9 million tonnes has been discovered in the “Reasi” district of “Jammu” by the Geological Survey of India. It was one of the 45 projects on critical minerals set up by the national body. This development has shot the country to gain a top spot at the highest lithium reserves after Chile followed by Australia, Argentina, and China respectively.
Earlier India was highly dependent on South American countries and China for its lithium needs but the current discovery will surely be a major boost to the Indian economy.
WHY ONLY LITHIUM?
Lithium-ion batteries have transformed humanity and are used in almost every electronic device ranging from a torch light to drones, EVs, and GPS too. It is thus the main component to make lithium-ion batteries that power many electronic devices.
The main reason for it is that it can be stored easily due to its position in the periodic table and has the highest energy density of around 50–260 Watt-Hours/Kg with the highest efficiency of around 99% which means that the majority of the energy in the battery is converted to utilizable output only.
ECONOMIC OPPORTUNITIES FOR INDIA
Undoubtedly, the future generation is the generation of renewable and green energy where every state is investing heavily. India too has invested a lot in the same by cutting duties on Li-ion to make EVs cheaper which will benefit Indian automobile companies a lot and will be a major boost to climate, economy, and Atmanirbhar Bharat.
The Indian government could enlist the help of some Indian public sector undertakings (PSUs) to increase self-sufficiency in meeting rising lithium demand. PSUs can better utilize their resources and expertise to extract lithium reserves. Incentives and subsidies can also be provided by the government to encourage PSUs to invest in lithium mining.
The lithium discovered in the country is of very high quality and is immensely useful in making batteries and other electronic items. Apart from that, the extraction and refining of such an immense amount of lithium will generate employment opportunities for many people within different sectors.
Lithium refining is a ‘License to print money’, Elon Musk says. , as soon as India masters the art of lithium refining it will become a major power on the global stage and a leading exporter of lithium by competing with our rival China and grabbing a strong hold over the foreign markets not only in the sector of refined lithium but also in the automobile industry. Thus, increasing the economic importance of India globally.
The future of India is bright and opportunities are immense. Thus, it is our responsibility to use them to take the country to greater heights.
Credits: Atharva | E-Cell ABV-IIITM
