What's Happening?
A parliamentary panel has emphasized the necessity for improved coordination among various ministries to enhance the country's self-reliance in critical minerals such as lithium, graphite, cobalt, and
rare earth elements. These minerals are crucial for the development of a technology-driven global economy. The panel's report highlights the potential of the 'Atmanirbhar Bharat' initiative to secure a sustainable supply chain for these minerals, thereby boosting industrial competitiveness. However, the panel warns that without effective coordination, these efforts may not achieve the desired outcomes. The Ministry of Mines is leading the initiative, but the panel recommends that all relevant ministries, state governments, and agencies work closely together to maintain competitiveness in the critical minerals sector. The report also notes the vulnerability of mineral supply due to limited availability and regional concentration.
Why It's Important?
The push for self-reliance in critical minerals is significant for several reasons. These minerals are essential for various sectors, including electronics, telecommunications, transport, defense, and energy. Ensuring a stable supply is vital for the country's economic growth and technological advancement. The global economy increasingly relies on technologies that depend on these minerals, making their availability a matter of national security and industrial competitiveness. The government's identification of 30 critical minerals and policy reforms to boost mineral production are steps towards reducing dependency on imports and enhancing domestic capabilities. This initiative aligns with broader economic strategies to position the country as a leader in the global technology landscape.
What's Next?
The next steps involve implementing the recommendations of the parliamentary panel to ensure effective coordination among all stakeholders. This includes aligning efforts across ministries, state governments, and agencies to streamline processes and policies related to critical minerals. The government may also focus on further policy reforms to facilitate 'ease of doing business' in the mineral sector. Monitoring the impact of these initiatives on the country's industrial competitiveness and technological development will be crucial. Additionally, the government might explore international collaborations to secure access to critical minerals and invest in research and development to find sustainable alternatives.
