Accelerate Rare Earth Exploration; India Must Lead in EV Transition: Dr. G. Vivek Venkatswamy
Hyderabad, April 22:
Labour, Employment and Mines Minister Dr. G. Vivek Venkatswamy emphasized the urgent need for India to scale up the identification, exploration, and efficient utilization of rare earth minerals, stating that these resources are critical for the country’s technological and energy future.
Addressing the National Conference on “Rare Earth Minerals – Electric Vehicles,” organized by Engineering Staff College of India in Hyderabad on Wednesday, the Minister highlighted how geopolitical developments—particularly the ongoing tensions in the Middle East and disruptions in the Strait of Hormuz—are forcing countries like India to rethink their dependence on conventional energy sources.
He noted that India imports nearly 50% of its crude oil and about 80% of its LPG through the Hormuz route. With global crude oil prices touching $100 per barrel and expected to stabilize between $80–$85, the country’s fuel import bill could surge from $100 billion to $160 billion. This, he warned, would put significant pressure on India’s foreign exchange reserves, currently estimated at around $700 billion.
In this context, Dr. Venkatswamy stressed that transitioning to electric vehicles (EVs) is no longer optional but essential. However, he pointed out that the success of EV technology and other emerging sectors heavily depends on the availability of rare earth minerals—an area where India currently lags behind.
“India’s share in global rare earth exploration is just about 1%,” he said, adding that to sustain a 6–7% economic growth rate, the country must significantly expand its efforts in this domain. He also noted that China currently dominates the sector, underlining the need for India to reduce external dependency and strengthen its domestic capabilities.
Calling on young engineers to step forward and innovate in this critical field, the Minister assured full support from the Telangana government. He reiterated the state’s vision of transforming Telangana into a $3 trillion economy by 2047.
As part of its skill development initiatives, the government has upgraded 65 Industrial Training Institutes (ITIs) into Advanced Technology Centers (ATCs), where around 25,000 students are currently receiving training in cutting-edge technologies. Each trainee is also provided a monthly stipend of ₹2,000 to encourage participation.
He further suggested that, with guidance from ESCI, ATCs could introduce new, industry-relevant courses to prepare youth for future technology-driven sectors.
Concluding his address, Dr. Venkatswamy emphasized that while accelerating rare earth exploration, equal importance must be given to environmental protection. He also highlighted that the Telangana government, through TOMCOM, is facilitating employment opportunities not only within India but also overseas, expanding global prospects for the state’s youth.
