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Epoch Times
12-05-2025
- Business
- Epoch Times
India, Australia Strengthen Critical Minerals Partnership to Tackle Global Supply Chain Risks
India and Australia are expanding their partnership in critical minerals as part of a strategic response to mounting global supply chain challenges and the shift toward clean energy. With rising geopolitical tensions and unilateral trade barriers, both countries are deepening cooperation to secure access to essential raw materials vital for the production of renewable energy technologies. 'As the world navigates an increasingly fragmented trade landscape marked by unilateral tariff impositions and shifting geopolitical alliances, the case for international cooperation has never been stronger,' said Anindita Sinh, research analyst at the Centre for Social and Economic Progress (CSEP) and lead author of the report that underpins this analysis. 'The strategic alignment between India and Australia in the critical minerals space not only addresses immediate supply chain vulnerabilities but also sets the stage for long-term economic resilience and technological innovation.' In 2023–24, India's imports from Australia included $11.02 billion (US$7.11 billion) worth of mineral fuels, oils, and related products—underscoring the central role of minerals in bilateral trade. Australia's status as a top global supplier complements India's rising demand for critical minerals to fuel its clean energy transition and industrial expansion. Related Stories 4/30/2025 5/1/2025 Geopolitical developments have made this collaboration more beneficial. The United States, for example, has imposed a 27 percent tariff on Indian exports such as smartphones and solar photovoltaic modules. However, critical minerals remain exempt, highlighting their strategic importance. India and Australia are using this momentum to bolster supply chain security and reduce dependence on dominant suppliers like China. India has rolled out key policy initiatives, including the National Critical Minerals Mission (NCMM), Production-Linked Incentive (PLI) schemes, and auctions for strategic mineral blocks. Australia, with its advanced mining infrastructure and rich reserves, is well-positioned to support India's resource needs. 'India's partnership with Australia in this sector is the most advanced and well-established,' Sinh said. 'With tangible developments such as off-take agreements from Australian lithium mines and joint research hubs like the India-Australia Critical Minerals Research Hub, the partnership is at a defining moment—poised to contribute significantly to global supply chain resilience and clean energy ambitions.' Beyond trade, the two countries are collaborating through joint research initiatives, technology transfer, and academic partnerships, such as the Titanium-Vanadium Processing Project. These ventures aim to foster innovation and ensure sustainable resource development. Key Areas to Boost Cooperation According to the CSEP report, several key areas must be prioritised to strengthen this cooperation further. First, India's NCMM should be more closely aligned with Australia's export strategy to ensure long-term supply security. This would support India's net-zero goals and industrial decarbonisation by matching its manufacturing and clean energy ambitions with Australia's abundant mineral resources. Expanding co-investment in mining and processing is also crucial. Encouraging Australian firms to partner with Indian stakeholders in mining and refining projects—particularly under India's PLI schemes and strategic mineral auctions—could mobilise both public and private investment. Australia's mature mining sector offers an advantage that can be further leveraged with appropriate incentives. Enhancing technology transfer was further identified as necessary for long-term innovation. Promoting joint development of battery-grade materials and value-added products through collaborations between research institutions and industry actors in both countries would accelerate capacity-building. The Critical Minerals Research Hub can play a central role in this, while intellectual property concerns may be addressed through mechanisms like the 2020 MoU between India and Australia. Finally, academic and industry collaboration should be deepened. Expanding research partnerships and training programs would help develop a skilled workforce in mineral processing and foster innovation in sustainable mining technologies. Universities and industry stakeholders can play a larger role by focusing research on forward-looking technologies. Structures such as the India-Australia Critical Minerals Research Partnership, which supports joint R&D projects, provide a useful model. By focusing on these strategic areas, India and Australia have the opportunity to reinforce their positions within the evolving global critical minerals supply chain—an area increasingly tied to national security and economic competitiveness.
Yahoo
05-05-2025
- Business
- Yahoo
Cannabis entrepreneurs urge state lawmakers to enact industry reform
RICHTON PARK, Ill. (WGN) — Cannabis owners and advocates are demanding a change to state laws and regulations that they said are holding them back from staying afloat and making a profit. Several years ago, husband and wife combo Rick and Michelle Ringold got into the cannabis business after state lawmakers passed legislation making recreational cannabis legal. Now, the Ringolds own Galaxy in south suburban Richton Park and hold Cannabis Social Equity Licenses to grow, distribute and transport cannabis, but said strict state regulations, high taxes, and limited capital are making it challenging to stay afloat. 'We really believed in this vision of truly creating economic growth and empowerment within our organizations,' Michelle Ringold said. '[But] nobody sleeps at night when everything you own is tied up into uncertainty, and that's where we are,' Rick Ringold said. On Sunday morning, the Ringolds stood in unity with several other entrepreneurs who have the same cannabis licenses they hold, hoping to pressure state lawmakers into following through on promises those gathered said the state has yet to make good on. Ted Parks, Chairman of the Independent Third Party Carriers Association, told WGN News the Cannabis Social Equity Program (CSEP), adopted by Illinois on Jan. 1, 2020, was meant to right some of the wrongs caused by decades of criminalization and systemic exclusion from the cannabis industry. Ambrose Jackson, CEO of the 1937 Group, said businesses he's worked with have had to throw out various financial projections based on assumptions made before opening due to discrepancies in the CSEP. 'To get into the market craft growing 10 million dollars, we've mortgaged our home. We liquidated our 401k. We have went to family and friends to get money,' Michelle Ringold said. More from Jewell – Fulton Market welcomes SVNGRN: An art center promoting cultural unity for all There are funding mechanisms available through the state, according to State Rep. La Shawn Ford (D-8th District), but those levers have yet to be set in motion. He said Illinois promised Social Equity Business Grants to help offset costs as a part of the CSEP, but the state has not awarded those grants to recreational cannabis businesses in Illinois. 'We want to make sure that we pass legislation to provide grants, not loans to these social equity companies,' Ford said. 'We also want to pass legislation to allow these social equity dispensaries to allow medical patients to use their dispensaries at the same rate they are paid at medical dispensaries. That would help out a great deal.' In the days to come, cannabis advocates are headed to Springfield to demand a series of actions they want from state lawmakers: Impose a moratorium on licensing fees and provide a credit for fees paid before businesses were operating. Allow equitable access to capital and grant funding. Amend regulations and reduce taxes. Allow medical patients to use medical cards at any licensed dispensary. 'A lot of things that we thought would happen from a legislative standpoint really didn't happen, and we don't know when it's going to happen,' Rick Ringold said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Time of India
22-04-2025
- Business
- Time of India
India needs 7.3% annual growth to be a developed country by 2047: CSEP
India will require an average annual growth rate of 7.3% between 2024 and 2047 to realise the goal of emerging as a developed nation by the centenary of its independence, according to a paper by the Centre for Social and Economic Progress (CSEP). This requires states to be the dominant partners in reforms now, unlike in recent decades when the country's growth story was shaped mainly by the central government initiatives, it reckons. 'This is because the next-generation of reforms must focus on factor markets such as land, labour, and capital, coupled with human capital like education and health, where States have a crucial role,' economists Shishir Gupta and Rishita Sachdeva have contended in the paper. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo Indian average per capita growth was 4.9% between 1994 and 2020, the paper said, indicating the enormity of the task at hand. Of the nine identified growth attributes, six are in the state domain (crime, fiscal deficit, healthcare, transmission and distribution losses, labour reforms, and land policies), the paper says, highlighting their pivotal role in boosting national growth. Live Events The four crucial reforms driven by the Union government since the 1990s were de-licensing, opening up the economy to the world, de-reservation, and devaluation. These helped the per capita GDP growth to rise from an average of 3.1% between 1981 and 1994 to 4.9% in the next two-and-a-half decades. India is estimated to have recorded a growth rate of 6.5% in FY25. The Economic Survey has projected growth to be in the 6.3-6.8% range in the next fiscal. No uniform strategy Given the heterogeneity among states, in terms of their per capita income, growth attributes and other aspects, a 'one-size-fits-all strategy' for them would be imprudent, the paper argues. The paper focusses on states' performance on two critical aspects—their growth attributes and key economic centres (KECs). It says Gujarat, Karnataka, Himachal Pradesh, Uttarakhand, and the combined Andhra Pradesh are strong on both the axes and need to work towards removing all potential obstacles to their key economic centres to become even more globally competitive, akin to Shanghai and Beijing. Maharashtra, Tamil Nadu, and Punjab need to step up focus on further bolstering their KECs, which are growing at a slower pace than the double-digit expansion in Uttarakhand and Gujarat, it says. Rajasthan, Bihar, Jharkhand, and Jammu & Kashmir could focus on improving their overall growth attributes. While Haryana and Uttar Pradesh are witnessing 'spill-over gains' from their proximity with Delhi, they would be better off improving their growth attributes, the paper suggests.
