Hyderabad: Labour, Employment and Mines Minister Dr. G. Vivek Venkatswamy called for faster exploration of rare earth minerals to support electric vehicle growth and cut India’s energy import risks.
Speaking at a national conference on “Rare Earth Minerals – Electric Vehicles” organised by the Engineering Staff College of India in Hyderabad on Wednesday, he said identifying and using these resources was critical. He linked the urgency to global instability, including tensions in the Middle East and disruptions such as the closure of the Hormuz Strait.
He noted that India imported nearly 50% of its crude oil and about 80% of its LPG through the Hormuz route. He said global crude prices had touched $100 per barrel and could stabilise between $80 and $85. However, he warned that the fuel import bill could rise from $100 billion to $160 billion, increasing pressure on foreign exchange reserves.
Although reserves stood at about $700 billion, he cautioned that prolonged crises could deplete them. Therefore, he stressed the need to adopt alternative technologies, with electric vehicles playing a central role in reducing dependence.
Rare earth minerals vital for energy security and EV transition
The minister said India’s share in global exploration remained around 1%. He added that the country must expand efforts to sustain a 6–7% economic growth rate. He also pointed out that China currently dominated the sector and called for reducing dependency.
He urged young engineers to take initiative in this field and assured full support from the Telangana government. He highlighted steps to build a skilled workforce, including converting 65 ITIs into Advanced Technology Centers.
Through these centres, around 25,000 students were receiving training in modern technologies. Each trainee was also given a monthly stipend of ₹2,000. He suggested introducing new courses with support from ESCI to prepare youth for emerging sectors.
He added that environmental protection must remain a priority during exploration. He said the state, through TOMCOM, was also facilitating job opportunities within India and abroad.
