ASIATODAY.ID, NEW DELHI – India is putting together a stockpile of rare earth elements to ensure their availability in the medium term, the Economic Times (ET) reported on Monday.
The move comes in response to China’s trade tensions with the US, which includes recent restrictions on exports of rare earth magnets.
The Indian plan involves building a two-month stockpile of essential rare earth materials, with private companies playing an active role, the ET reported, citing a senior government official.
It is aimed at safeguarding India’s access to rare earth elements, which are used in areas such as defense, electronics, and batteries in electric vehicles.
“The initial focus is on rare earth elements,” an official was quoted as saying in the ET report.
The stockpile will later have other crucial minerals that are essential for India’s energy transition and manufacturing industries, the newspaper added.
China presently dominates the global market, accounting for around 60% of the world’s supply of rare earth magnets. Beijing is locked in trade tensions with Washington, and recently announced restrictions on exports of rare earth magnets.
India has about 7.23 million tonnes of rare earth elements, Minister of State for Science and Technology Jitendra Singh told the Indian parliament in July.
New Delhi has also launched a $156 million subsidy scheme to boost domestic production of rare earth magnets.
The proposed scheme aims to support both private companies and public sector enterprises by providing incentives to establish domestic capacity across all business touchpoints. (RT)
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