India to Establish Rare Earth Stockpile Amid China's Export Restrictions
India is set to launch a National Critical Mineral Stockpile (NCMS) to secure rare earth elements, crucial for green technologies, following China's export restrictions.
The program aims to create a two-month reserve and encourage participation from private players, according to officials.
Importance of Rare Earth Elements
Rare earth elements, a group of 17 chemically similar elements, are vital for producing advanced technology applications, particularly rare earth magnets, which power electric vehicles, wind turbines, and other clean technologies.
Domestic Production Incentives
The initiative complements an earlier inter-ministerial approval of a Rs 7,300 crore incentive scheme to boost domestic rare earth magnet production, targeting 10,000 tonnes over the next five years.
India's move to secure rare earth elements is a strategic step towards reducing dependence on China's exports.
Author's summary: India launches National Critical Mineral Stockpile to secure rare earth elements.