Indian External Affairs Minister, Dr. S. Jaishankar, recently attended the Critical Minerals Ministerial in the United States, where he highlighted the challenges of excessive concentration and the importance of de-risking supply chains. The event, which was held virtually on 29th July 2021, brought together ministers and senior officials from over 40 countries to discuss the critical role of minerals in the global economy and the need for sustainable and resilient supply chains.
In his address, Dr. Jaishankar emphasized the need for diversification and de-risking of supply chains, particularly in the wake of the COVID-19 pandemic. He stated that the pandemic has exposed the vulnerabilities of the global supply chains, especially in the critical minerals sector. He also highlighted the importance of responsible sourcing and sustainable production of minerals to ensure the long-term availability of these resources.
The Indian External Affairs Minister also underlined the challenges of excessive concentration in the critical minerals market. He pointed out that a few countries dominate the production and supply of these minerals, leading to a high level of dependence on them. This not only poses a risk to the global economy but also creates geopolitical tensions and vulnerabilities. Dr. Jaishankar stressed the need for a more balanced and diversified market to ensure stability and security in the supply of critical minerals.
During the event, Dr. Jaishankar also highlighted India’s efforts towards diversification and de-risking of supply chains. He mentioned the country’s initiatives to promote domestic production and reduce its dependence on imports. India has also been actively engaged in partnerships and collaborations with other countries to ensure a stable and sustainable supply of critical minerals. The Indian government has also launched the National Mineral Policy 2019, which focuses on sustainable mining practices and reducing the country’s dependence on imports.
The Critical Minerals Ministerial also provided a platform for countries to share their experiences and best practices in the critical minerals sector. Dr. Jaishankar emphasized the need for collaboration and cooperation among countries to address the challenges in this sector. He stated that India is committed to working with other countries to build resilient and sustainable supply chains for critical minerals.
The event also saw the launch of the Joint Action Plan for Critical Minerals Collaboration, which aims to promote responsible sourcing and sustainable production of critical minerals. India has been actively involved in the development of this plan and has pledged its support to its implementation. The plan focuses on areas such as research and development, supply chain mapping, and capacity building to promote sustainable and responsible practices in the critical minerals sector.
In conclusion, Dr. Jaishankar’s participation in the Critical Minerals Ministerial highlighted India’s commitment to promoting a stable and sustainable global supply of critical minerals. His address emphasized the need for diversification and de-risking of supply chains to ensure the long-term availability of these resources. India’s efforts towards domestic production and collaborations with other countries demonstrate its determination to reduce its dependence on imports and build a more resilient critical minerals market. The Joint Action Plan for Critical Minerals Collaboration is a significant step towards achieving this goal, and India is ready to play an active role in its implementation.
