PM Modi warns of new colonialism model over control of critical minerals
renewable energy, energy storage, telecommunications, defence and healthcare. In June this year, India became a member of the coveted critical minerals club - the Mineral Security Partnership. The announcement was part of a joint statement by prime minister Modi and president Joe Biden during the former's recent US visit.
The Partnership is a strategic grouping of 13 member states including Australia, Canada, Finland, France, Germany, Japan, the Republic of Korea, Sweden, the UK, the US, the European Union, Italy and India. It aims to catalyze public and private investment in critical mineral supply chains globally including rare earth minerals. Stressing on the need to give equal significance to consumers and consuming nations, he said that a profitable market can be sustained only when there is balance between the interests of producers and consumers.
"It also applies to nations. Treating other countries only as a market will never work. It will harm even the producing countries sooner or later.
Making everyone equal partner in progress is the way forward." Modi said that the Covid-19 pandemic destroyed conventional global supply chains and India has emerged as a significant player for a new, trusted and efficient global supply chain. "Can we call a supply chain efficient which breaks down when the world needs it most? I can assure you, India is the answer to this problem. Its answer is India.
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