India to Establish Rare Earth Stockpile
India is set to launch a National Critical Mineral Stockpile (NCMS) to secure rare earth elements.
Rare earth elements are crucial for green technologies and are used in producing advanced technology applications.
- They are vital for rare earth magnets, which power electric vehicles and wind turbines.
- The programme aims to create a two-month reserve and encourage private player participation.
The initiative complements an earlier incentive scheme to boost domestic rare earth magnet production, targeting 10,000 tonnes over five years.
India is taking steps to reduce dependence on China amidst export restrictions.
Author's summary: India launches NCMS to secure rare earth elements.