India to Establish Rare Earth Stockpile
India is set to launch a National Critical Mineral Stockpile (NCMS) to secure rare earth elements amid China's export restrictions.
Rare earth elements are crucial for green technologies, and the programme aims to create a two-month reserve, encouraging participation from private players.
- Rare earth elements are vital for producing advanced technology applications.
- They are used in rare earth magnets, which power electric vehicles, wind turbines, and other clean technologies.
The initiative complements an earlier inter-ministerial approval of a Rs 7,300 crore incentive scheme to boost domestic rare earth magnet production, targeting 10,000 tonnes over the next five years.
India aims to secure rare earth elements, following China’s export restrictions.
Author's summary: India launches National Critical Mineral Stockpile.