Commerce and Industry Minister Piyush Goyal on Thursday underscored the dangers of global supply chains for critical minerals being overly dependent on a few geographies, warning that such concentration can pose serious risks to global economic development.
Speaking at a joint press conference alongside Italian Deputy Prime Minister and Foreign Minister Antonio Tajani in Brescia, Italy, Goyal said it was "important that the world recognises the dangers of critical minerals supply and processing being concentrated in particular geographies," without naming any country.
Goyal further highlighted India's proactive push to develop homegrown alternatives. “We've given a lot of encouragement to startups, especially for R&D that can find smarter and alternate solutions, which will help reduce the overdependence on certain critical minerals,” he said, signalling the strategic shift India is aiming for.
Goyal's remarks also come in the backdrop of China's recent decision to tighten export controls on rare earth magnets—materials crucial for electric vehicles, wind turbines, and electronics.
With China currently accounting for over 90% of the world's magnet supply, the move has heightened global anxiety over supply chain vulnerabilities and accelerated efforts by countries like India to localise production and reduce strategic dependencies.
India has recently signed multiple MoUs with countries including Australia and the EU to diversify sourcing and support domestic processing capacity.
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