India's Critical Minerals Dependency: A Strategic Path Forward

India is heavily reliant on mineral imports for its energy transition, with 100% dependency on lithium, cobalt, and nickel. The IEEFA report suggests strategies for reducing this reliance, including fostering international partnerships and boosting domestic mining. Efforts are crucial for achieving renewable energy goals.

India's journey towards a sustainable energy future faces significant hurdles due to its dependency on imported minerals, particularly lithium, cobalt, and nickel. A newly released report by the Institute for Energy Economics and Financial Analysis (IEEFA) highlights the urgent need for a strategic import policy to mitigate trade risks and ensure supply security.

The report emphasizes that India's demand for these critical minerals is set to more than double by 2030, yet domestic production may not kick off for another decade. It underscores the importance of securing international partnerships, particularly with mineral-rich nations like Australia, Chile, and several African countries.

IEEFA suggests India could invest in these nations to enhance its supply chain resilience. The government's ongoing efforts, including mining auctions and the planned Critical Minerals Mission, are pivotal in boosting domestic production and achieving its ambitious renewable energy targets.

(With inputs from agencies.)