Grant Thornton Bharat Projects Tenfold Critical Mineral Demand for India

Grant Thornton Bharat projects that India's demand for critical minerals, including lithium, cobalt, nickel, graphite, and copper, will increase four to ten-fold by 2047. This growth is tied to the Government of India's goal of reaching 500 GW of non-fossil fuel capacity by 2030 and an electric mobility ecosystem where battery demand is expected to reach 110-130 GWh by 2030.

To meet its Net Zero 2070 target, the consulting firm proposes a three-phase roadmap: foundation-building from 2026 to 2031, industrialization from 2031 to 2036, and strategic self-reliance from 2036 to 2047. The plan recommends establishing an annual recycling economy worth $10-15 billion and pivoting policy from revenue maximization toward resource security.

While the National Critical Mineral Mission provides an outlay of Rs 34,300 crore, the report argues that funding remains too broad. Grant Thornton Bharat asserts that the government needs more targeted financial instruments for high-risk segments, specifically refining and advanced recycling.