Prime Minister Narendra Modi issued a warning about a potential “new model of colonialism” arising from the control of critical and rare earth minerals by certain countries. Addressing the Business 20 Summit in New Delhi, PM Modi stressed the need for countries possessing these valuable minerals to recognize their custodianship as a global responsibility.
PM Modi raised concerns about the distribution of critical materials such as rare earth minerals, emphasizing their significance for humankind. He cautioned that if countries possessing these minerals do not consider their global responsibility, it could lead to a situation resembling a new form of colonialism.
During his address, PM Modi also highlighted India’s role in building an efficient global supply chain. He contrasted the current supply chain dynamics with the need for reliability, stating that an efficient supply chain cannot be considered effective if it falters in times of crisis. He emphasized India’s potential as a solution to such disruptions.
The warning from PM Modi comes at a time when the search for critical earth minerals has intensified, and their availability remains uncertain due to geographical disparities. Notably, China dominates the global rare earth market, accounting for a significant portion of mine production and processing capacity. This dominance has prompted concerns about supply chain vulnerabilities.
In 2023, China imposed export restrictions on gallium and germanium, which are crucial components for computer chips and other electronic devices. As nations seek to diversify supply chains, India and the US announced collaboration agreements across various sectors, including technology, minerals, and defense, during PM Modi’s state visit to Washington in June.
The Prime Minister’s warning underscores the need for responsible management of critical resources and global cooperation to ensure equitable access and distribution.
Sources By Agencies