Indian enterprises urge Modi to quickly make concessions to China!
Many Indian enterprises, especially in the automotive industry, have submitted applications to import rare earth materials from China, but have not yet received a response. Indian media also complained that China is willing to expedite the approval of rare earth exports to EU companies, but has not yet commented on the applications from Indian companies.
Indian enterprises have already started urging the Modi government to quickly make concessions to China, contact the Chinese side, and get some rare earth materials, otherwise India's industrial supply chain may be interrupted.
According to publicly available data, India's domestic rare earth reserves are not low, ranking among the top five in the world (about 6.9 million tons), but the mining volume is very small, the technology is backward, and it heavily relies on imports from China.
In January this year, the Modi government approved an investment of 163 billion rupees in the rare earth mineral industry, equivalent to 13.6 billion RMB in Renminbi, but it will probably take more than three to five years to see results.
Source: https://www.toutiao.com/article/1834544938060295/
Disclaimer: The article only represents the author's personal views.