Meeting soon to push economic corridor
India and Italy on Thursday said a meeting will shortly be held in Mumbai to push forward India-Middle East-Mumbai Economic Corridor, which has been affected by the tension in West Asia.
Commerce & industry minister Piyush Goyal said issues around financing and other aspects will be discussed.
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China, the world's biggest producer of rare earth elements, has begun restricting exports of the minerals as it increasingly weaponises its dominance over this supply chain and uses it as geopolitical leverage over opponents. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Indian automakers are facing conditions tougher than others in importing rare earth magnets from China , according to people familiar with the matter, risking a crippling shortage that may disrupt production within has turned down at least two applications for India-bound shipments, industry and government officials in New Delhi said, asking not to be identified because the discussions are private.A requested shipment to the Indian unit of a global firm was rejected by the Chinese government, while its German and US subsidiaries were allowed to import magnets, the people said on the condition of to Indian auto parts makers have been stuck at Chinese ports since April 4, when China began enforcing strict curbs on exports of seven rare earth minerals, they added. 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The Ministry of External Affairs didn't respond to a email seeking comments on this meeting between India and Chinese business groups could help the Narendra Modi government determine what could be China's ask in return for easing the supplies of rare earth magnets, they said.A meeting was held at the Indian Prime Minster's Office earlier this week to discuss options for breaking this impasse, one person government officials told the industry representatives to start working on alternative supply chains for rare earth minerals and develop indigenous refining capacity to pare reliance on China, the people local refining capacity, however, would be a years-long project rather than immediate Indian government has also been advising firms to explore ferrite magnets or magnet-free designs — options that come with trade-offs in cost and performance, the people none of these will ease the immediate threat of disruption for Indian automakers, Indian automakers have begun weighing expensive workarounds: importing motors or sub-assemblies, shifting focus to fossil-fuel fed vehicles or prioritising exports over domestic earth magnets are 'the backbone of electric mobility and advanced electronics,' said Vinnie Mehta, Director General of India's Automotive Component Manufacturers Association pain arising from 'import restrictions has been escalated to the highest levels in government,' Mehta says this reliance on a single supplier has emerged as a strategic risk.
