India is making significant strides in renewable energy and electric vehicles, which is increasing the demand for vital minerals.
A recent study by Grant Thornton Bharat indicates that the need for essential minerals could surge by four to ten times by 2047. This demand surge is driven by India’s goals for a developed nation by 2047 and its commitment to achieving net-zero emissions by 2070, particularly in high-tech sectors.
Copper demand, in particular, is expected to grow more than five times, while materials used in batteries, such as lithium, cobalt, graphite, and nickel, will see rapid increases in demand.
Despite these growing needs, the report points out a serious challenge: India is heavily reliant on imports for critical minerals like lithium, cobalt, gallium, and platinum due to limited domestic supplies. Although there are known copper and rare earth mineral deposits in India, the country lacks the necessary processing capabilities. Additionally, mining new sites typically takes a long time—between 10 to 20 years. With the demand for electric vehicle batteries projected to reach 110–130 GWh by 2030, there is an urgent need for secure and immediate mineral supplies.
The report suggests that recycling could offer a quicker and more sustainable solution. Establishing recycling infrastructure could take just two to four years and potentially reduce emissions by nearly 80%.
To address these challenges, Grant Thornton Bharat recommends a three-phase action plan to protect industrial supply chains by 2047. The first phase includes improving battery traceability, implementing strict Extended Producer Responsibility (EPR) rules, restricting scrap metal exports, and creating dedicated recycling centers for minerals. Later phases will focus on building domestic refining capabilities, forming international partnerships, and growing India’s recycling economy to reach $10–15 billion annually.
