China's rare earth curbs 'wake-up call for whole world'; India building alternative supply chains; Goyal says there's opportunity in this crisis
NEW DELHI: Union minister Piyush Goyal has described China's restrictions on rare earth exports as a "wake-up call for the whole world," urging countries to diversify their supply chains.
He said India is actively working to develop alternative sources and position itself as a reliable partner for global businesses looking to reduce dependence on Chinese suppliers.
Speaking in Switzerland during his official visit, the commerce and industry minister said, "This situation serves as a wake-up call for all those who have become over-reliant on certain geographies.'
"It's a wake-up call for the whole world that you need trusted partners in your supply chain," he added, according to news agency ANI.
Goyal further acknowledged that China's restrictions on rare earth exports will create short-term challenges, especially for India's automotive and white goods sectors. However, he expressed confidence that joint efforts by the government, industry, and innovators can turn these challenges into long-term opportunities.
He laid out a detailed plan to address the situation. This includes diplomatic talks through the Indian embassy's ongoing discussions with Chinese officials and the commerce ministry's efforts to find alternative supply sources.
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At the same time, the government is ramping up support for Indian Rare Earths Limited, providing the necessary resources to increase domestic production.
Goyal also said that the current technological advancements could offer alternative solutions to reduce dependence on Chinese rare earth materials. "There are some technologies that India is developing," he said, emphasising the collaborative approach involving government, industry, startups, and innovators.
"We are all working as a team and remain confident that while there may be challenges in the short run, we will emerge as winners in the medium to long term," he added.
The minister considered the present disruption as an opportunity to strengthen India's manufacturing sector, and expressed confidence that this situation would enhance awareness about self-sufficiency."There is an opportunity even in this crisis and challenge," Goyal continued.
"More and more companies, businesses, and people in India will recognise that it is important to be self-reliant and to have trusted partners in supply chains. Increasingly, the world today wants India to be part of their supply chain because we are seen as a trusted partner," he added.
The automotive industry, heavily dependent on rare earth magnets from China for EV components, has urged the government to speed up approval processes for imports.
These magnets are crucial for manufacturing passenger cars and other automotive parts.
China, which controls over 90% of global magnet production, poses major supply chain risks for many industries. Starting April 4, new Chinese rules require special export permits for seven rare earth elements and related magnetic products.
"There are clearly issues around the suspension of permanent magnet supplies from China to India, which will particularly affect our auto sector and several white goods manufacturers," Goyal said.
"Some companies have submitted their applications, and we hope that pragmatic considerations will prevail and they will receive the necessary approvals," he added.
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