Rakshith Shetty
Introduction
Critical minerals are essential for India's economic development, particularly in the rapidly expanding sectors of clean energy, smart technologies and advanced manufacturing. India’s ambitious renewable energy targets, its push to become a global manufacturing hub for clean technologies, and its commitment to achieving net-zero emissions by 2070 necessitate a reliable and sustainable supply of these minerals.
Given the importance of these minerals, the government has taken a step towards identifying minerals critical to India's growth. The ‘Report of the Committee on Identification of Critical Minerals,’ published by the Ministry of Mines in June 2023, announced a list of 30 critical minerals (Refer Table 1) deemed essential for India’s economic growth and national security. The report emphasised the strategic importance of securing a sustainable and resilient supply chain for critical minerals, and highlighted the need to develop competitive value chains within India for critical minerals. It also acknowledged India's heavy reliance on imports for certain minerals, with some elements exhibiting 100% import dependency.
While the Indian government has taken proactive steps to identify critical mineral needs, the global landscape of critical mineral supply chains presents significant challenges, particularly due to China's dominant position in the market. China’s dominance stems from its extensive investments in mining, processing, and refining capabilities, coupled with its strategic control over resources in several countries.
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