India takes down China's arrogance! makes BIG plan to produce…, dragon can't show its power of…
China was a big supplier of rare earth minerals for automobile sectors in the world. Recently it had put several restrictions on their exports. These minerals are in high demand globally, including in India and the United States.
The shortage of magnets made from these minerals disrupted several industries. Now India has made a big plan to counter China's monopoly. India's Plan For Rare Earth Mineral Production
The Indian government is formulating a Rs 3,500–5,000 crore plan to enhance the production of rare earth minerals. According to an Economic Times report citing government officials, the proposal may get approval soon. The official stated, 'Our priority is to start the production of critical minerals in the country as quickly as possible.'
As per The Economic Times , the plan involves offering incentives to companies through a reverse auction process. This means that the company which is willing to produce at the lowest cost will receive the incentive. The decision is to reduce dependency on Chinese imports.
The official further stated that new measures are being implemented to increase the domestic availability of critical minerals. At least five major Indian companies have shown interest in collaborating with the government for the production of these minerals. China's Monopoly on Rare Earth Magnets
China currently has a monopoly on the supply of rare earth magnets, essential for automobiles, electric vehicles (EVs), and renewable energy infrastructure. The Chinese government has imposed several export restrictions on these minerals. In April, it mandated special licenses for the export of seven rare earth elements and related magnets.
In India, EV manufacturers and wind turbine companies are the largest consumers of rare earth elements. By 2025, these companies are expected to account for more than half of the country's total demand. The demand for these minerals is projected to grow from the current 4,010 metric tons to 8,220 metric tons by 2030.
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