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New Delhi: India is intensifying its efforts to secure a stable supply of rare earth minerals by negotiating free trade agreements (FTAs) with Chile and Peru, ramping up domestic exploration, and encouraging startups to take part in recycling and processing, commerce and industry minister Piyush Goyal said on Friday.
Speaking at an event organised by the industry body Assocham, Goyal urged Indian companies to strengthen collaboration and reduce import dependence, noting that countries like Japan and South Korea have built strong domestic supply ecosystems through mutual industry support.
"Why do Japan and Korea buy only Japanese or Korean steel? Why can a steel mill from India not supply there even at $100 a ton less than their local cost? Not because the government is stopping them. The industry will buy only from their own brother industries," Goyal said. "Here, there's no such spirit; one would resort to import if even 10 paise can be saved."
He explained that the government is seeking to diversify India’s sources of rare earth minerals by partnering with resource-rich countries such as Australia, Chile and Peru, as China’s export restrictions have disrupted global supply chains. India already has a trade pact in place with Australia, and an official delegation is currently visiting Chile and Peru for the next round of FTA discussions.
"In our own country, we are looking at increasing explorations," the minister said, highlighting India’s growing focus on self-reliance in critical minerals.
Goyal further noted that the government is engaging with startups for innovative solutions in recycling and processing rare earths. “We are talking to startups both for recycling waste from which we can extract rare earths and to see if we can create the processing facility in India, which is currently concentrated in one geography,” he said.
