Union Minister for Electronics and Information Technology, Ashwini Vaishnaw, recently participated in a Critical Minerals Ministerial Meeting in Washington D.C., hosted by U.S. Treasury Secretary Scott Bessent. The meeting convened finance ministers from the Group of Seven (G7) nations, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union. India and Australia were also reportedly invited to attend.
The discussions centered on securing critical mineral supply chains, which are vital for various industries, including electronics, renewable energy, and defense. Vaishnaw emphasized the importance of secure critical mineral supply chains for India's goal of "Viksit Bharat" (Developed India) in a social media post.
Securing and leading in critical minerals and rare earths are top priorities, with concerns that reliance on hostile foreign powers' mineral production poses a threat to national and economic security. The International Energy Agency (IEA) reports that China is the leading refiner for a majority of minerals, including copper, lithium, nickel, cobalt, graphite, and rare earth elements, holding an average market share of around 70%. China also controls the supply chains for vital material components such as manganese sulphate and phosphoric acid.
India's participation in the meeting highlights its growing role as a trusted partner in key value chains. IT Secretary S Krishnan noted that the invitation to join 'Pax Silica' and participate in the critical minerals meet reflects the trust and recognition India holds as a reliable partner in important value chains. He emphasized the importance of addressing the supply chain of critical minerals and materials, stating that India's involvement is crucial.
The meeting in Washington reflects a global effort to diversify and strengthen critical mineral supply chains, reducing dependence on single sources and mitigating potential disruptions. By engaging with key partners and stakeholders, the aim is to build more resilient and secure supply chains that support economic growth and technological advancement. The discussions also explored strategies for promoting sustainable mining practices, enhancing transparency, and fostering innovation in mineral processing and recycling. Ultimately, the goal is to ensure a stable and equitable supply of critical minerals to meet the growing global demand while minimizing environmental and social impacts.
