NEW DELHI, India — Union Minister for Railways and Electronics and Information Technology Ashwini Vaishnaw said strengthening critical mineral supply chains is essential to boosting the resilience of India’s manufacturing sector, as he participated in the Critical Minerals Ministerial Meeting in the United States.
Vaishnaw arrived in the U.S. on Sunday to attend the meeting, which was hosted by U.S. Treasury Secretary Scott Bessent and focused on addressing vulnerabilities in global critical minerals supply chains.
“Participated in the Critical Minerals Ministerial Meeting hosted by Treasury Secretary. Strengthening critical mineral supply chains is vital to enhancing the resilience of India’s manufacturing capabilities and rapidly growing electronics sector,” Vaishnaw said in a post on X.
Bessent said he welcomed the shared commitment among participating nations to move quickly in addressing supply chain risks. “I am optimistic that nations will pursue prudent derisking over decoupling and understand well the need for decisive action,” the U.S. Treasury Secretary said.
Vaishnaw’s visit comes as the Indian government has announced a new scheme to promote the domestic manufacturing of sintered Rare Earth Permanent Magnets, aimed at reducing import dependence and increasing India’s participation in global advanced-materials value chains.
The scheme, with a financial outlay of Rs 7,280 crore, is designed to establish 6,000 metric tonnes per annum of integrated manufacturing capacity spanning the entire value chain, from rare-earth oxides to finished magnets, according to a recent official statement.
The initiative is intended to enhance competitiveness, attract technology-driven investment, and support long-term scalability, while contributing to India’s energy-transition goals and its Net Zero 2070 vision. By building domestic capabilities and strengthening downstream linkages, the program is also expected to generate employment and deepen industrial capacity under the Aatmanirbhar Bharat initiative.
India is also engaged in multilateral platforms such as the Minerals Security Partnership and the Indo-Pacific Economic Framework to help build resilient and diversified critical minerals supply chains. (Source: IANS)
