India's Critical Minerals Demand Set to Soar Tenfold by 2047
India's push towards renewable energy and electric vehicles is accelerating demand for critical minerals. A new study by Grant Thornton Bharat predicts that demand for key minerals could rise between four and ten times by 2047, as the nation transitions towards Viksit Bharat 2047 and its net-zero 2070 commitment.
Copper demand alone is projected to expand more than fivefold, while battery materials like lithium, cobalt, graphite, and nickel will multiply rapidly. India remains dependent on foreign imports for these minerals due to thin domestic reserves, with processing capabilities lagging behind.
The report highlights a growing critical minerals supply vulnerability, citing the need for immediate supply security as electric vehicle battery requirements are set to hit 110-130 GWh by 2030. The authors noted that 'circularity could be the faster and more sustainable alternative' through recycling infrastructure, which can be established within two to four years while reducing emissions by nearly 80 percent.
Grant Thornton Bharat outlines a three-phase action plan through 2047 to safeguard industrial supply chains. Phase one focuses on battery traceability, strict EPR rules, restrictions on scrap exports, and dedicated mineral recycling hubs. Subsequent phases aim to construct domestic refining capability, form international sovereign partnerships, and scale India's recycling economy to $10-15 billion annually.