India's Dual Strategy to Dominate Critical Minerals: Future-Ready and Self-reliant

India aims for self-reliance in critical minerals with a dual approach: boosting domestic mining and forging international partnerships. Amid global supply challenges and China's dominance, strategic steps, including partnerships with the ‘Lithium Triangle’, are key to securing resources vital for the evolving energy and tech landscape.

India is charting a path to self-reliance in critical minerals, adopting a dual strategy that emphasizes both domestic extraction and international collaboration, according to Abhishek Bhatia, Managing Director at Boston Consulting Group. The approach seeks to leverage India's strengths in minerals like bauxite and iron ore while expanding access to rare earth elements critical for emerging technologies.

The urgency is underscored by the global shift towards electric vehicles, which has amplified the demand for rare earth materials. Recent moves by China to control its rare earth exports have intensified the focus on local mining and international partnerships. India's government continues to engage diplomatically with the 'Lithium Triangle' nations - Argentina, Bolivia, and Chile - to bolster its supply of lithium, essential for EV battery production.

In response to these challenges, the Indian government has launched the National Critical Mineral Mission, backed by significant funding to spearhead exploration and mining initiatives. Encouraging private sector involvement remains a priority, as the nation seeks to mitigate dependence on China and secure its position in the global minerals market.

(With inputs from agencies.)