PM warns of new colonialism
NEW DELHI : A new model of colonialism may arise if countries with large reserves of critical and rare earth minerals do not consider these resources as a global responsibility, Prime minister Narendra Modi on Sunday said, sounding what he called a “serious warning". Addressing the B20 Summit of business representatives from G20 countries, Modi said while critical and rare earth minerals are the need of the entire world, they are unevenly distributed globally—some countries have large quantities of these minerals while others do not have them at all.
“There is abundance of rare earths, or critical minerals in some places, while there is deficiency in some places but the entire humanity needs it. If those having it do not see it as their global responsibility, it will strengthen a new model of colonialism.
I am giving a serious warning," he told the global business community. The PM’s remarks come as a global hunt for critical and rare earth minerals gathers further momentum because of their increasing use in areas such as 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 (MSP), an announcement that was part of a joint statement by Modi and president Joe Biden during Modi’s US visit in June. MSP is a strategic grouping of 13 countries—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 and rare earth supply chains globally. Modi also flagged concerns around bias in Artificial Intelligence (AI) and its impact on society and called
. Read more on livemint.com
