News Brief

India Poised To Play Key Role In Global Critical Mineral Supply Chains, Says US Official

Swarajya Staff

Jul 10, 2024, 02:03 PM | Updated 02:03 PM IST

Representative Image
Representative Image

At a recent conference, a senior US official highlighted India’s potential as a key partner in diversifying critical mineral supply chains on a global scale, as per a report from The Economic Times.

This unique roundtable was organised by the US-India Strategic Partnership Forum (USISPF) in collaboration with Silverado Policy Accelerator and Principal to Principal Strategies (P2P).

It focused on exploring opportunities to advance the clean energy agendas of both nations while fortifying their economic interests. The conference also underscored the bilateral US-India energy relationship, one of the most significant in the world, and emphasised upon India's potential role in diversifying global critical mineral supply chains.

The demand for essential minerals such as graphite, manganese, and lithium is expected to remain pivotal in the electric vehicle (EV) sector. These minerals are also crucial for India’s journey towards achieving its net zero emissions target by 2070.

Geoffrey Pyatt, the US Assistant Secretary of State for Energy Resources, addressed the industry roundtable titled "Enhancing US-India Critical Minerals Collaboration," underscoring the goal of creating an actionable roadmap to boost collaboration between the two nations in the critical minerals domain.

This collaboration, while still in its early stages, aims to stimulate investments and strengthen bilateral connections within critical minerals supply chains and their downstream industries.

Mukesh Aghi, president and chief executive officer of USISPF, highlighted the significance of the QUAD — a coalition of four countries with a combined GDP nearing $35 trillion.

He noted that in an era of friend-shoring and re-shoring supply chains, synergy in critical minerals could fortify a new element of the QUAD structure, enhancing India’s manufacturing capabilities in sectors like smartphones and electric vehicles.

The roundtable gathered a diverse group of stakeholders, including USISPF members, representatives from the US government and the Embassy of India, think tanks, and international partners with interests in the critical minerals market of the US and India.

During the discussions, stakeholders recognised the immense potential within India's mining sector, though they acknowledged existing gaps in its global resource contributions.

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