Modi govt to invite bids for auction of Lithium reserves found in Jammu and Kashmir by June
Days after the Geological Survey of India (GSI) discovered 5.9 million tonnes of lithium reserves in Jammu and Kashmir, the Central government is set to invite bids for the auction of the country’s first Lithium reserve.
According to a Mint report, the bids will be invited by the centre in the first quarter of June this year.
This comes after the Geological Survey of India, for the first time found Lithium inferred resources (G3) of 5.9 million tonnes in the Salal-Haimana area of Reasi District of Jammu & Kashmir earlier this month.
Citing a government official, Mint reported that like any other government auction, this will also be open to all, with one key condition: “The government will mandate that lithium is refined only in India and not sent abroad for processing.”
It is pertinent to note that India does not have a Lithium refining facility. The Modi government, on the other hand, has already set a target of having EV sales account for 30% of private automobiles, 70% of commercial vehicles, and 80% of two- and three-wheelers by 2030, citing an urgent need to decarbonize the transportation sector.
Back in 2021, Nitin Gadkari, the Union Minister for Road Transport and Highways, stated that India would be able to reduce its consumption of crude oil by 156 million tonnes, or Rs 3.5 lakh crore, if electric vehicle penetration reached 40% in the two-wheeler and car segment and close to 100% in the case of buses by 2030.