The Government of India (GOI) has unveiled a list of critical minerals for the country. The list includes 30 minerals that are essential for India’s economic and strategic interests. These minerals are used in a wide range of industries, including:
- High-tech electronics
- Telecommunications
- Transport
- Defense
- Clean energy
The GOI has released the list in order to reduce India’s dependence on imports of these minerals and to ensure a reliable supply chain. The list will also help the government to formulate policies and make investments in the mining sector.
What are Critical Minerals?
Critical minerals are those that are essential for the production of modern technologies but have a high risk of supply disruptions. They are often found in limited quantities and are concentrated in a few countries. This makes them vulnerable to political instability, economic sanctions, and natural disasters.
The Importance of Listing Critical Minerals
There are several reasons why it is important for countries to list critical minerals. First, it helps to identify and prioritize minerals that are essential for national security and economic development. Second, it can help to reduce dependence on imports and ensure a reliable supply chain. Third, it can facilitate international cooperation on the development and production of critical minerals.
India’s Inclusion in the Mineral Security Partnership
India recently joined the Mineral Security Partnership (MSP), a strategic grouping of 13 countries that aims to secure the global supply of critical minerals. The MSP is led by the United States and includes Australia, Canada, Finland, France, Germany, Japan, the Republic of Korea, Sweden, the United Kingdom, the European Union, Italy, and now India.
India’s inclusion in the MSP is a significant development. It will help India to secure the supply of critical minerals that are essential for its clean energy and defense industries. It will also provide India with a platform to cooperate with other countries on the development of critical minerals.
The Future of Critical Minerals
The demand for critical minerals is expected to grow in the coming years as the world transitions to a clean energy economy. This growth will put a strain on global supply chains and could lead to price volatility. Countries that are able to secure a reliable supply of critical minerals will be well-positioned to benefit from the global clean energy transition.
India is well-positioned to become a major player in the global critical minerals market. The country has a rich endowment of critical minerals and a growing manufacturing sector. With the right policies and investments, India can emerge as a global leader in the production and processing of critical minerals.