Dollar Digest
Dollar Digest
Competition Closed

The Aravalli Lithium Challenge
Is Officially Over

Thank you to everyone who submitted an entry. Every analysis was read, and the five strongest submissions are recognised below.

2nd Place
Jainam Kawedia

Jainam Kawedia

JBCN International School

Mumbai

1st Place
Ranveer Kalra

Ranveer Kalra

Oberoi International School

Mumbai

3rd Place
Ramaa Arora

Ramaa Arora

G.D. Goenka International School

Surat

Honourable Mentions

Honourable Mention
Aarav Laddha

Aarav Laddha

Spectrum Coaches

Mumbai

Honourable Mention
Vineet Parmar

Vineet Parmar

Witty International School

Mumbai

The 2026 Challenge, By the Numbers

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5+Cities
5Winners
The Aravalli Lithium Challenge · Archived

The Full Brief

Kept here for reference. This is the case that produced the analyses above.

Background: India Strikes Lithium

In February 2023, the Geological Survey of India confirmed a deposit of approximately 5.9 million tonnes of lithium ore in the Salal-Haimana area of Jammu and Kashmir, later extended into the Aravalli range in Rajasthan. At current prices, this is one of the largest lithium finds in the world, second only to deposits in Chile and Australia.

Lithium is the central element in lithium-ion batteries, the technology powering electric vehicles, smartphones, and grid-scale energy storage. As India pushes toward 30% EV adoption by 2030 under its FAME scheme, domestic lithium supply could be transformational.

But the economics are not simple. There is a three-way trade-off between speed, profit, and strategic value. And global players, from China to Australia, are watching closely.

The Analyst's Role

Entrants were appointed, on paper, as an economics analyst to the Ministry of Mines, Government of India. The ministry had to decide: what do we do with the ore?

Three options were on the table:

A
Export Raw Ore
Sell unprocessed lithium ore to international buyers. Fast revenue, low investment, but leaves the bulk of the value chain abroad.
B
Basic Processing (Lithium Carbonate)
Build domestic processing plants to refine ore into lithium carbonate. Requires 400M - 600M USD investment, 6 - 8 year break-even. Captures more value.
C
Full Domestic Refining (Battery Grade)
Develop the entire value chain including battery-grade lithium hydroxide production. 1.2B - 1.8B USD investment, 12 - 15 year break-even. Maximum value creation, strongest strategic position.

The Question

Entrants wrote a structured economic analysis (600 - 1200 words) recommending one of the three options, addressing:

1A clear recommendation with reasoning
2Quantitative support using the data provided
3Analysis of at least two trade-offs (e.g. short-term revenue vs. long-term value)
4One geopolitical or supply chain consideration
5One risk and how India should mitigate it
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