India all set to auction lithium blocks found in J&K this year

Vivek Bharadwaj, secretary of the Union Ministry of mines, on Tuesday stated that India will auction the lithium blocks found in Jammu and Kashmir later this year. 

India all set to auction lithium blocks found in J&K this year
Representational image

New Delhi: India's northern federal territory of Jammu and Kashmir is all set to auction a lithium block in December 2023, marking a significant milestone in the country's efforts to become self-sufficient in the production of lithium-ion batteries. 

According to sources, Vivek Bharadwaj, secretary of the Union Ministry of mines, on Tuesday stated that India will auction the lithium blocks found in Jammu and Kashmir later this year. 

Read Also : NTPC's Internal Auditors Meeting -2024 conducted at PMI- Noida

He further said, “Have recommended transaction advisor to Jammu and Kashmir government for lithium reserves auction.”The discovery of significant lithium deposits in the Jammu and Kashmir region is expected to make India the fifth-largest global lithium reserve.

The auction is part of the government's plan to attract investors to the sector and boost domestic production of lithium-ion batteries, which are used in smartphones, smartwatches, laptops, and electric vehicles. 

Read Also : Vivek Kumar Bajpai joins as Government Nominee Director of Hindustan Zinc

The lithium reserves were discovered last year, and the auction is expected to generate considerable interest from both local and international mining companies. However, concerns have been raised by the 10,000 villagers in Salal, where the lithium reserves were found, who fear displacement and the consequences of mining on the environment. 

The government has assured residents that they will be relocated and compensated for their losses. Despite these concerns, the discovery of lithium in Jammu and Kashmir is a significant step towards India's goal of decreasing emissions and reaching net zero by 2070.

Read Also : HUDCO and Government of Rajasthan sign MoU for infrastructure project