Graphite, the dominant anode material in lithium-ion batteries, is a critical mineral essential for electric vehicles and stationary energy storage. Demand for high-purity anode-grade graphite is projected to rise sharply, driven by global clean energy transitions. While australia possesses significant natural graphite reserves (Siviour, Mclntosh), India's domestic resources are limited and concentrated in states such as Jharkhand, Odisha, and Chhattisgarh, necessitating substantial imports for industrial use. This work presents a comprehensive literature review on graphite's role in battery value chains, its sourcing and processing landscape in India and the emerging potential of recovery from spent lithium-ion batteries. Studies highlight that recovered graphite can achieve performance characteristics comparable to virgin material, while significantly reducing environmental impact and dependency on mined resources. India's evolving Battery Waste Management Rules provide a policy framework for large-scale recycling, and australia's critical minerals strategy prioritises diversification of supply chains and downstream value capture. By synthesising technical, policy, and market literature, this review explores how circular economy strategies, particularly, graphite recovery from battery waste can be integrated into a broader India- australia critical minerals partnership. Such collaboration could combine australia's upstream resource strength with India's downstream processing capacity and recycling potential, enhancing supply resilience, economic value, and sustainability outcomes for both nations.