India has discovered 5.9 million tonnes of lithium reserves in the Himalayan Jammu and Kashmir region, the first time significant deposits of the metal have been detected in the country.
Lithium is a soft, silvery-white non-ferrous metal that is a key component in batteries, including for electric vehicles.
The Ministry of Mines said that the metal was found in Reasi district of the union territory. A small reserve was discovered in the southern state of Karnataka in 2021.
"Geological Survey of India for the first time established lithium inferred resources (G3) of 5.9 million tonnes in the Salal-Haimana area of the Reasi district of Jammu and Kashmir," the ministry said on Thursday.
"G3" is a geological term indicating the discovery is from a preliminary stage of exploration of the area.
India is currently dependent on lithium imports. It has identified two lithium mines for long-term lease in Argentina, which has about 19 million tonnes of identified reserves, with an assessment due to be completed by the end of this month.
The find in Jammu and Kashmir is a major boost for the government's plan to promote the use of electric vehicles (EVs) in the country to "reach the next level for energy independence".
India has been scouting for lithium reserves due to growing demand amid a push to boost the adoption of EVs in both public and private transport.
Prime Minister Narendra Modi’s government has committed to reducing the emissions intensity of India's gross domestic product by 45 per cent and derive about 50 per cent of cumulative electric power installed capacity from non-fossil fuel energy resources by 2030.
More than a million EVs were sold in the country last year and sales are expected to pass 10 million units annually by 2030, according to a recent report by the Finance Ministry.
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Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
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