Union Minister for Railways and Electronics and IT, Ashwini Vaishnaw, highlighted the importance of bolstering critical mineral supply chains to boost India’s manufacturing resilience. He attended the ‘Critical Minerals Ministerial Meeting’ in the United States, hosted by Treasury Secretary Scott Bessent.
Vaishnaw, participating in the meeting, stressed the significance of fortifying critical mineral supply chains for India’s manufacturing capabilities and the rapidly growing electronics sector. Treasury Secretary Bessent expressed satisfaction at the shared commitment among nations to promptly address vulnerabilities in critical minerals supply chains.
During his visit to the US, Vaishnaw’s presence coincided with the government’s recent announcement of a scheme promoting the manufacturing of sintered Rare Earth Permanent Magnets (REPM). This initiative aims to enhance India’s involvement in global advanced-materials value chains and reduce import reliance.
The scheme, with a budget of Rs 7,280 crore, seeks to establish 6,000 metric tonnes per annum of integrated REPM manufacturing capacity. It covers the entire chain from rare-earth oxides to finished magnets, aligning with India’s energy-transition goals and Net Zero 2070 vision.
India’s engagement in multilateral platforms like the Minerals Security Partnership (MSP) and the Indo-Pacific Economic Framework (IPEF) further underscores its commitment to building resilient critical minerals supply chains.
