India must up its game to end Chinese hold on rare earth minerals

AS Beijing’s curbs on rare earth exports send ripples across the automotive, defence and consumer electronics supply chains, Commerce and Industry Minister Piyush Goyal’s description of it as “a wake-up call for the world” is an apt assessment. His appeal to the global community to diversify supply chains is also the need of the hour. But a daunting task lies ahead — positioning India as a reliable partner in this quest to reduce dependence on Chinese suppliers. China has almost complete dominance over rare earth elements. It mines over 60 per cent and refines 91 per cent of the global supply. India has the third-largest reserves of rare earth minerals, but its success rate in reaping benefits has been dismal. India has to up its game, and in a spectacular fashion, too, if it wants to be seen as a real alternative.