Critical Minerals Key to India’s Clean Energy Push

27 Feb 2026 CW Team

As India moves towards 500 GW of renewable capacity, 30 per cent EV penetration by 2030 and net-zero emissions by 2070, access to lithium, nickel, cobalt, graphite, copper and REEs will be central to achieving these targets. The study highlights that mineral security is emerging as a decisive factor in sustaining economic growth and technological leadership.

Demand rising, supply constrained

India’s demand for critical minerals is projected to increase sharply by FY30, driven by electric vehicles, energy storage systems, renewables, electronics and defence manufacturing. However, import dependence remains significant.

The report notes near-total import reliance for lithium, cobalt and nickel, over 90 per cent dependence for copper and around 60 per cent for natural graphite. Heavy REEs remain limited in availability, while downstream processing capacity is constrained.

Although India has geological potential across several mineral categories, domestic mining, refining and value-added processing capacities are currently insufficient to meet projected demand.

Mineral intensity of growth

The transition to decarbonisation, electric mobility and advanced manufacturing is making economic growth increasingly mineral-intensive. Lithium, graphite and nickel are witnessing the fastest demand acceleration globally, supported by rapid expansion in EV production and grid-scale storage systems.

This shift implies that access to secure, affordable and sustainable mineral supplies will play a critical role in determining industrial competitiveness.

Supply chain concentration risks

The report highlights that global mining is concentrated in a limited number of countries, while refining and midstream processing are even more geographically skewed. This concentration heightens exposure to export restrictions, geopolitical tensions and price volatility.

For India, the principal constraint lies in midstream processing — particularly battery-grade chemicals, magnet materials and high-purity rare earth separation. Limited commercial-scale refining capacity results in value leakage and sustained external dependency.

Strategic role of rare earths

Rare earth elements such as neodymium and praseodymium are vital for permanent magnets used in EV motors and wind turbines. Nearly 80 per cent of global REE consumption is linked to permanent magnet production.

While India possesses REE deposits, large-scale separation, refining and magnet manufacturing capacities remain limited, reinforcing reliance on imports for high-value applications.

Roadmap to resilience

The report recommends accelerated exploration, expansion of domestic processing hubs, strategic overseas asset acquisitions and scaling up of recycling capabilities. It also calls for embedding robust ESG standards across the value chain.

Focused implementation under the National Critical Mineral Mission is seen as essential to enabling India to shift from import dependence towards resilient, value-added participation in global clean technology supply chains.v

A new report released by FICCI in collaboration with Deloitte underscores the strategic importance of critical minerals and rare earth elements (REEs) in supporting India’s clean energy transition, industrial competitiveness and long-term economic security. As India moves towards 500 GW of renewable capacity, 30 per cent EV penetration by 2030 and net-zero emissions by 2070, access to lithium, nickel, cobalt, graphite, copper and REEs will be central to achieving these targets. The study highlights that mineral security is emerging as a decisive factor in sustaining economic growth and technological leadership. Demand rising, supply constrained India’s demand for critical minerals is projected to increase sharply by FY30, driven by electric vehicles, energy storage systems, renewables, electronics and defence manufacturing. However, import dependence remains significant. The report notes near-total import reliance for lithium, cobalt and nickel, over 90 per cent dependence for copper and around 60 per cent for natural graphite. Heavy REEs remain limited in availability, while downstream processing capacity is constrained. Although India has geological potential across several mineral categories, domestic mining, refining and value-added processing capacities are currently insufficient to meet projected demand. Mineral intensity of growth The transition to decarbonisation, electric mobility and advanced manufacturing is making economic growth increasingly mineral-intensive. Lithium, graphite and nickel are witnessing the fastest demand acceleration globally, supported by rapid expansion in EV production and grid-scale storage systems. This shift implies that access to secure, affordable and sustainable mineral supplies will play a critical role in determining industrial competitiveness. Supply chain concentration risks The report highlights that global mining is concentrated in a limited number of countries, while refining and midstream processing are even more geographically skewed. This concentration heightens exposure to export restrictions, geopolitical tensions and price volatility. For India, the principal constraint lies in midstream processing — particularly battery-grade chemicals, magnet materials and high-purity rare earth separation. Limited commercial-scale refining capacity results in value leakage and sustained external dependency. Strategic role of rare earths Rare earth elements such as neodymium and praseodymium are vital for permanent magnets used in EV motors and wind turbines. Nearly 80 per cent of global REE consumption is linked to permanent magnet production. While India possesses REE deposits, large-scale separation, refining and magnet manufacturing capacities remain limited, reinforcing reliance on imports for high-value applications. Roadmap to resilience The report recommends accelerated exploration, expansion of domestic processing hubs, strategic overseas asset acquisitions and scaling up of recycling capabilities. It also calls for embedding robust ESG standards across the value chain. Focused implementation under the National Critical Mineral Mission is seen as essential to enabling India to shift from import dependence towards resilient, value-added participation in global clean technology supply chains.v

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