India finds 5.9 million tonnes of Lithium deposits.

The Union Government of India on Thursday said that 5.9 million tonnes of lithium reserves have been found for the first time in the country in Jammu and Kashmir. Lithium is a non-ferrous metal and is one of the key components in EV batteries.

"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 of Mines said on Thursday.

It further said that 51 mineral blocks including Lithium and Gold were handed over to respective state governments.

"Out of these 51 mineral blocks, 5 blocks pertain to gold and other blocks pertain to commodities like potash, molybdenum, base metals etc. spread across 11 states of Jammu and Kashmir (UT), Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, and Telangana," the ministry added.

The blocks were prepared based on the work carried out by GSI from field seasons 2018-19 to till date.

India likely to become third biggest economy by FY28

 

India likely to become the third-biggest economy behind the US and China by FY28, two years earlier than initially expected, overtaking Germany and Japan, according to the International Monetary Fund (IMF) World Economic Outlook database.

India overtook UK to became the 5^th largest economy this year.

India's GDP would match Germany's in size to become the fourth-largest by 2025–2026.

The World Economic Outlook of the International Monetary Fund (IMF) predicts that it will surpass Japan in growth and move up to the third-largest position by 2027-28 (FY28). 

 

India’s rapid progress…

• Most developed economies hit hard by pandemic and war-triggered inflation
• They will grow marginally or even go into recession
• India’s growth also took a knock but economy expected to expand at good pace
• Rupee has depreciated less than many currencies against the dollar

…but not just relative out performance

• India has sound macro fundamentals.
• Inflation high,but is not skyrocketing.
• Current account deficit high but expected to moderate 
• Forex reserves down but still at nearly $550 b Fiscal situation is comfortable 
• Banks are in a strong position and credit cycle is picking up