New Delhi, July 30 — India faces a four to ten-fold rise in demand for critical minerals by 2047 as it pursues 500 GW of non‑fossil fuel capacity by 2030 and expands electric mobility, a report said on Thursday.
The report from Grant Thornton Bharat said the rapid expansion of its electric mobility ecosystem is expected to sharply increase demand for minerals such as lithium, cobalt, nickel, graphite, copper and rare earth elements.
EV battery demand alone could reach 110–130 GWh by 2030 and demand for key minerals could increase by four to ten times as India advances toward Net Zero 2070 target, the report added.
The firm said that India must move beyond securing mineral resources building resilient domestic capabilities across exploration, refining, processing, recycling and financing.
It outlined a three‑phase roadmap to 2047 through targeted policy reforms, strategic investments and global partnerships in line with the vision of Viksit Bharat 2047.
Foundation‑building from 2026–31 is the first step with extended producer responsibility, Circular Mineral Processing Zones and battery traceability and recycling incentives.
Industrialisation should be pursued from 2031–36 by scaling recycling and traceability systems and green financing.
Strategic self‑reliance must be aimed from 2036–47 to reduce import dependence, strengthen domestic refining and recycling, and build a $10–15 billion annual recycling economy.
The report recommended shifting the focus of critical mineral policies from revenue maximisation to resource security by enabling exploration-led allocation, adopting mineral-specific strategies and mandating domestic value addition
Other priorities include strengthening domestic refining and processing capabilities, fast-tracking approvals, rationalising the fiscal framework, and supporting downstream manufacturing.
Particularly refining, separation and recycling are highly capital-intensive with long gestation periods, the report recommended a multi-layered financing architecture comprising government support for exploration, sovereign green bonds, fiscal incentives, FDI, venture capital, commercial bank financing backed by guarantees, and multilateral funding.
While the National Critical Mineral Mission (NCMM) has an outlay of Rs 34,300 crore, the report notes that more targeted financing mechanisms are required for high-risk segments across the value chain.