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chain","indias-critical-minerals-duty-cut-welcome-but-more-to-be-done-for-its-battery-supply-chain","article/indias-critical-minerals-duty-cut-welcome-but-more-to-be-done-for-its-battery-supply-chain",{"_uid":547,"date":548,"tags":549,"editor":558,"content":568,"excerpt":805,"featured":51,"reporter":806,"_editable":810,"component":811,"seo_title":812,"categories":813,"visibility":823,"author_company":49,"data_vis_image":824,"featured_image":828,"seo_description":831,"author_full_name":49,"author_job_title":49,"formattedDate":832,"formattedArticleDate":833},"2b73fa23-cc59-4025-a54b-975d62e4a5e0","2024-08-09 00:00",[550,553,555],{"slug":551,"name":552},"india","India",{"slug":554,"name":554},"mining",{"slug":556,"name":557},"policy","Policy",[559],{"slug":560,"name":561,"content":562},"matthew-bird","Matthew Bird",{"job_title":563,"image":564,"bio":566,"linkedin":567},"Senior Editor - Supply Chains & Data Visualisation",{"filename":565},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":569,"content":570},"doc",[571,588,641,662,675,688,695,708,720,733,738,743,756,761,766,771,776,781,786],{"type":572,"attrs":573,"content":574},"paragraph",{"textAlign":49},[575,578,586],{"text":576,"type":577},"India has exempted 25 critical minerals including key battery metals from import duties to support the country’s electric vehicle (EV) sector, but more needs to be done on its upstream and midstream front to lift its domestic EV ","text",{"text":579,"type":577,"marks":580},"battery supply chain",[581],{"type":582,"attrs":583},"link",{"href":584,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/what-does-tatas-1-6-billion-gigafactory-plan-mean-for-indias-battery-capacity-pipeline","url",{"text":587,"type":577},".",{"type":572,"attrs":589,"content":590},{"textAlign":49},[591,598,609,614,623,627,636],{"text":592,"type":577,"marks":593},"Finance minister Nirmala Sitharaman exempted custom duties on ",[594],{"type":595,"attrs":596},"textStyle",{"color":597},"#3C3C39",{"text":599,"type":577,"marks":600},"lithium",[601,604,607],{"type":582,"attrs":602},{"href":603,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/glossary/what-is-lithium",{"type":595,"attrs":605},{"color":606},"#0969D7",{"type":608},"underline",{"text":610,"type":577,"marks":611},", ",[612],{"type":595,"attrs":613},{"color":597},{"text":615,"type":577,"marks":616},"nickel",[617,620,622],{"type":582,"attrs":618},{"href":619,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/glossary/what-is-nickel",{"type":595,"attrs":621},{"color":606},{"type":608},{"text":610,"type":577,"marks":624},[625],{"type":595,"attrs":626},{"color":597},{"text":628,"type":577,"marks":629},"cobalt",[630,633,635],{"type":582,"attrs":631},{"href":632,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/glossary/what-is-cobalt",{"type":595,"attrs":634},{"color":606},{"type":608},{"text":637,"type":577,"marks":638},", copper and other strategic materials on July 23, a move she said would provide a major boost to the processing and refining of such minerals in the country.",[639],{"type":595,"attrs":640},{"color":597},{"type":572,"attrs":642,"content":643},{"textAlign":49},[644,646,652,654,660],{"text":645,"type":577},"The minister also said ",{"text":647,"type":577,"marks":648},"the country will set up",[649],{"type":582,"attrs":650},{"href":651,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/what-do-indias-elections-mean-for-the-lithium-ion-battery-supply-chain",{"text":653,"type":577}," a Critical Mineral Mission for domestic production, ",{"text":655,"type":577,"marks":656},"recycling of critical minerals",[657],{"type":582,"attrs":658},{"href":659,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/indias-battery-startups-push-to-boost-capacity",{"text":661,"type":577},", and overseas acquisition of critical mineral assets.",{"type":572,"attrs":663,"content":664},{"textAlign":49},[665,667,673],{"text":666,"type":577},"“The exemption on import duties is expected to lower material costs but it may not have any effects on ",{"text":668,"type":577,"marks":669},"local production",[670],{"type":582,"attrs":671},{"href":672,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/indias-reliance-to-build-lfp-battery-factory-as-ambani-targets-clean-energy-push",{"text":674,"type":577}," in the near term,” said Manish Dua, analyst at Benchmark, adding that direct benefits and subsidies would have been a welcome boost.",{"type":572,"attrs":676,"content":677},{"textAlign":49},[678,680,686],{"text":679,"type":577},"An import duty of between 2.5% to 10% on critical ",{"text":681,"type":577,"marks":682},"battery materials",[683],{"type":582,"attrs":684},{"href":685,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/indias-amara-raja-batteries-seeks-partner-for-1-16-billion-gigafactory-plant",{"text":687,"type":577}," such as lithium, nickel and cobalt have been completely waived off while import duty on graphite has been lowered to 2.5% from 7.5% earlier.",{"type":689,"attrs":690,"content":692},"heading",{"level":691,"textAlign":49},4,[693],{"text":694,"type":577},"The weakest link",{"type":572,"attrs":696,"content":697},{"textAlign":49},[698,700,706],{"text":699,"type":577},"India’s move to lower import duties on some critical raw materials could support the build out of its battery supply chain as it looks to ramp up cell production. The country’s cell making capacity is forecast to reach 58 GWh by 2030, according to the ",{"text":701,"type":577,"marks":702},"Benchmark Gigafactory Assessment",[703],{"type":582,"attrs":704},{"href":705,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/capacities/",{"text":707,"type":577},". India has set a target of attaining 50 GWh capacity by 2030. ",{"type":572,"attrs":709,"content":710},{"textAlign":49},[711,713,718],{"text":712,"type":577},"“The upstream part of India’s supply chain is the weakest link,” said Bryan Bille, policy analyst at Benchmark. “Nurturing and developing its domestic nascent ",{"text":579,"type":577,"marks":714},[715],{"type":582,"attrs":716},{"href":717,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/indias-exide-moves-ahead-with-svolt-backed-gigafactory-plan",{"text":719,"type":577}," could play into the Western geopolitical policies of pivoting away from China. Also, Chinese derisking has been one of the biggest factors driving investment in India.”",{"type":572,"attrs":721,"content":722},{"textAlign":49},[723,725,731],{"text":724,"type":577},"China dominates the global lithium refining and accounted for 65% of lithium supplies in 2023, according to data from ",{"text":726,"type":577,"marks":727},"Benchmark’s Lithium Forecast",[728],{"type":582,"attrs":729},{"href":730,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://www.benchmarkminerals.com/forecasts/lithium/reports/",{"text":732,"type":577},". Meanwhile, India currently does not produce any lithium and is heavily reliant on imports. ",{"type":689,"attrs":734,"content":735},{"level":691,"textAlign":49},[736],{"text":737,"type":577},"Need for speed",{"type":572,"attrs":739,"content":740},{"textAlign":49},[741],{"text":742,"type":577},"The country has also set out an ambitious target to have 30% EV penetration for passenger vehicles by 2030, 70% for commercial vehicles, and 80% for two and three-wheelers; making it key to have access to these critical battery minerals. ",{"type":572,"attrs":744,"content":745},{"textAlign":49},[746,748,754],{"text":747,"type":577},"But data from Rho Motion, a Benchmark-owned company, shows India is currently behind on these targets. Battery EV and plug-in hybrid EV car penetration was only 1.9% in June and that share is forecast to reach 15% by 2030. For ",{"text":749,"type":577,"marks":750},"two and three wheelers",[751],{"type":582,"attrs":752},{"href":753,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/electric-scooters-to-dominate-indias-roads-by-2025-ola-says",{"text":755,"type":577},", the EV penetration is just about 12% and is forecast to reach 38% by 2030.",{"type":572,"attrs":757,"content":758},{"textAlign":49},[759],{"text":760,"type":577},"“There is a significant gap between current levels and targets set out, with significant investment required across the value chain as well as in charging infrastructure to allow for higher penetration rates,” said Iola Hughes, head of research at Rho Motion.",{"type":689,"attrs":762,"content":763},{"level":691,"textAlign":49},[764],{"text":765,"type":577},"Policy push",{"type":572,"attrs":767,"content":768},{"textAlign":49},[769],{"text":770,"type":577},"India has been taking steps to secure supply of materials and speed up its upstream and midstream deployment albeit at a slow pace. It has introduced exploration licences for 29 critical minerals that include lithium, nickel, cobalt and others. ",{"type":572,"attrs":772,"content":773},{"textAlign":49},[774],{"text":775,"type":577},"It has also signed bilateral agreements with resource rich countries such as Australia, Argentina and Chile. In January, Khanij Bidesh India Ltd, a joint venture company formed under the Ministry of Mines to tap mineral assets overseas, acquired a lithium asset in Argentina.",{"type":572,"attrs":777,"content":778},{"textAlign":49},[779],{"text":780,"type":577},"The country also became a member of the Minerals Security Partnership (MSP) in 2023, a collaboration of 14 countries and the European Union aimed at securing a stable supply of raw materials. In recent months, India has auctioned 14 blocks of critical minerals of which 12 blocks are for composite licence — meant for exploration and extraction.",{"type":689,"attrs":782,"content":783},{"level":691,"textAlign":49},[784],{"text":785,"type":577},"Join us at Giga APAC 2024",{"type":572,"attrs":787,"content":788},{"textAlign":49},[789,794,801],{"text":790,"type":577,"marks":791},"Discussions on Asia Pacific’s battery market will continue at Benchmark’s ",[792],{"type":793},"italic",{"text":795,"type":577,"marks":796},"Giga APAC 2024",[797,800],{"type":582,"attrs":798},{"href":799,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://benchmarkevents.benchmarkminerals.com/gigaapac24",{"type":793},{"text":802,"type":577,"marks":803}," conference being held September 11-12 at the Ritz Carlton in Perth, Australia.",[804],{"type":793},"India has exempted 25 critical minerals including key battery metals from import duties to support the country’s electric vehicle (EV) sector, but more needs to be done on its upstream and midstream front to lift its domestic EV battery supply chain. Finance minister Nirmala Sitharaman exempted custom duties on lithium, nickel, cobalt, copper and other […]",[807],{"slug":560,"name":561,"content":808},{"job_title":563,"image":809,"bio":566,"linkedin":567},{"filename":565},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"2b73fa23-cc59-4025-a54b-975d62e4a5e0\", \"id\": \"\"}-->","article","India’s critical minerals duty cut",[814,815,818,821,822],{"slug":628,"name":115},{"slug":816,"name":817},"copper","Copper",{"slug":819,"name":820},"critical-minerals","Critical Minerals",{"slug":599,"name":8},{"slug":615,"name":150},"private",{"id":49,"alt":49,"name":825,"focus":49,"title":49,"source":49,"filename":825,"copyright":49,"fieldtype":826,"meta_data":827},"","asset",{},{"id":49,"alt":825,"name":825,"focus":825,"title":825,"source":825,"filename":829,"copyright":825,"fieldtype":826,"meta_data":830,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4d1d5e4a46/bm-india-ev-scaled-e1653667252878.jpg",{"alt":825,"title":825,"source":825,"copyright":825},"India has exempted 25 critical minerals including key battery metals from import duties to support the country’s electric vehicle (EV) sector, but more needs to be done on its upstream and midstream front to lift its domestic EV battery supply chain.…]","Aug 09, 2024","9th August 2024",[],[],1781023408977]