The Times of India reported on October 13 that India is planning to establish a rare earth reserve to cope with China's export controls on rare earth magnets. Rare earth magnets are key components in electric vehicles, wind turbines, and other eco-friendly equipment. The Modi government plans to establish the "National Critical Minerals Stockpile" (NCMS), equivalent to two months' worth of rare earth usage, and focuses on promoting private sector participation, with an emphasis on enhancing India's domestic rare earth magnet manufacturing capabilities. Indian officials said that this plan initially focuses on securing the supply of rare earths, and later will expand to other critical minerals. Previously, a multi-departmental committee had approved a special support program totaling 7.3 billion rupees (Rs 7,300 crore) to promote the production of rare earth magnets, aiming to achieve a production of 6,000 tons over the next five years. The Modi government has allocated 500 million rupees (Rs 500 crore) under the framework of the "National Critical Minerals Mission" to prevent the disruption of critical minerals in India. It is reported that India has about 7.23 million tons of rare earth oxide (REO) reserves. Analysts say that although establishing a critical mineral reserve through NCMS is crucial for India, its technical capability to extract and refine rare earths from local deposits is significantly lacking, and the country still heavily relies on imports for rare earth products.
Original: www.toutiao.com/article/1846003737882628/
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