Industry Odisha Bureau, April 30: In a bid to safeguard the Indian sectors of electric vehicles (EVs), green energy storage and electronics manufacturing from the onslaught of supply shocks as well as price volatility due to the much dependence on imports, Government of India (GoI) is reportedly contemplating to set up a vast reserve for storing critical minerals at least lasting for a six-month-long duration.
Reports said that such a serious plan is on anvil for which the Ministry of Mines and the Ministry of Heavy Industries are working out the pros and cons so that both the imported and locally sourced critical minerals like lithium, cobalt, nickel, copper, et al as well as other rare earth elements could be stockpiled for use at least half a year that could enable India not to be too much dependent on imports at crucial juncture.
Pertinent to note here that, neighbouring China reportedly rules the roost and dominates the scene in exporting the critical minerals and rare earth elements. In a tit-for-tat stance against Trump regime’s exorbitant tariff tussle with China last year, it reportedly resulted in a grinding halt of rare-earth magnets that sent jitters across the globe akin to the crude oil brunt being experienced at present globally owing to the Hormuz hurdle.
Need to be mentioned further that, China reportedly calls the shot in critical minerals and rare-earth elements, because the Asian country is “not only a producer, but also a refiner and prime exporter”. It is reportedly “the only country that controls 60 per cent of the world’s rare earth mining and 90 per cent of processing capacity”.
Moreover, such critical minerals and rare-earth elements are reportedly exhibiting price volatility much greater than the crude oil, as per a study by the International Energy Agency (IEA) reportedly reflected in its “Global Critical Minerals Outlook 2025”.
