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India is considering granting incentives to encourage private companies to establish lithium processing facilities as it seeks to strengthen its young lithium mining industry and increase supplies of the EV battery metal, according to government sources. According to the sources, it would incentivise companies to establish lithium processing facilities per a new critical minerals policy that the mines ministry was developing. "The critical minerals policy will be comprehensive and will cover all aspects from exploration to mining to value addition," one of the sources said. "It will also cover incentives for beneficiation and refining within the country," the source said.
The sources added that while it was still early to predict exactly what kind of incentives the government would provide, New Delhi would want to emulate nations like Canada and Australia.
The Ministry of Mines stated that the government was taking a variety of initiatives to assure the availability of important minerals for downstream industries.
The government might provide subsidies and tax breaks to stimulate investment in lithium processing, according to Karthik Bansal, a research analyst with the New Delhi-based Centre for Social and Economic Progress. India, the third-largest carbon emitter in the world, identified 30 minerals, including lithium, as "critical" to achieving the nation's goal of greener technology in industries including electronics, telecommunications, transportation, and defence last year. It discovered its first lithium reserves only last year, and industry experts believe the government has to develop infrastructure to process lithium locally.
Companies such as SoftBank-backed e-scooter producer Ola Electric, as well as miner Vedanta Ltd and Jindal Power, are vying for crucial minerals blocks, including lithium, with a shortlist likely by July. The winners will get mining and exploration licences as well as processing rights to turn lithium into chemicals or concentrates used in batteries.
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