With the focus on clean energy, efficient devices and electric mobility solutions, the market for energy storage is on the rise in the developing world. In this paper, the requirements of Indian energy storage market have been highlighted based on the different categories of applications. An in-depth study of the utilitarian advantages and disadvantages of different energy storage technologies has been conducted. Based on this, suitable energy storage technologies for different applications have been suggested. We have further delved into the elements required for all the feasible energy storage technologies. The availability of strategic reserves of these minerals in India have been examined. We have calculated the elemental requirements for different technologies, normalized to their energy storage capacity. Finally, we have suggested technologies to achieve a best-case scenario for the Indian energy storage sector from technological as well as a strategic viewpoint, minimizing the import dependency of raw materials.