Hyderabad: Minister G. Vivek Venkatswamy called for accelerated exploration of rare earth minerals and stressed the need to strengthen India’s electric vehicle sector.
He spoke at a national conference on “Rare Earth Minerals – Electric Vehicles” organised by the Engineering Staff College of India in Hyderabad on Wednesday. Global developments, including tensions in the Middle East and disruption in the Hormuz Strait, underscored the urgency, he said.
India depended heavily on imports. Nearly 50% of crude oil and about 80% of LPG moved through the Hormuz route. Meanwhile, crude prices touched around $100 per barrel and could stabilise between $80 and $85.
The fuel import bill, earlier about $100 billion, could rise to $160 billion. Such a rise would put pressure on foreign exchange reserves, despite current levels of around $700 billion.
Rare earth minerals key to EV and energy transition
Electric vehicles remained critical to reducing dependence on fossil fuels. In addition, rare earth minerals played a central role in emerging technologies.
India’s share in global rare earth exploration stood at about 1%. Therefore, expansion in this sector was essential to sustain economic growth of 6–7%. It would also reduce dependence on countries like China.
Young engineers should take initiative in this field, he said. The Telangana government would extend support for such efforts. The state also aimed to become a $3 trillion economy by 2047.
To build skilled manpower, 65 ITIs were converted into Advanced Technology Centers. Around 25,000 students were under training. Each trainee received a monthly stipend of ₹2,000.
New courses in emerging technologies could be introduced with support from the Engineering Staff College of India. At the same time, environmental protection must remain a priority during mineral exploration.
The state, through TOMCOM, was facilitating employment opportunities within the country and abroad.