Context: India has joined the Minerals Security Partnership (MSP), spearheaded by the US, in collaboration with developed nations like Australia, Canada, Finland, France, Germany, Japan, the Republic of Korea, Sweden, the UK, and the European Commission. This coalition aims to revamp investment in critical mineral supply chains and reduce dependency on China.
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About Minerals Security Partnership (MSP)
MSP is a strategic grouping of 13 member states. These including Australia, Canada, Finland, France, Germany, Japan, the Republic of Korea, Sweden, the United Kingdom, US, the European Union, Italy and now India. It aims to catalyse public and private investment in critical mineral supply chains globally.
MSP’s Goals:
The primary objective is to ensure the efficient production, processing, and recycling of critical minerals. This approach aims to bolster countries’ capacities, maximizing economic benefits from their mineral resources. Minerals Security Partnership (MSP) specifically targets minerals crucial for electric vehicles and advanced batteries, focusing on elements like cobalt, nickel, lithium, and the ‘17 rare earth‘ minerals.
India’s Role:
India heavily relies on China and other nations for essential minerals, particularly Rare Earth Elements (REE), fundamental in modern technological advancements. Joining Minerals Security Partnership (MSP) opens avenues for strategic collaborations, especially in securing a stable lithium supply chain, vital for electric vehicle components and sustainable mobility.
Strategic Opportunities:
India possesses substantial gallium resources, estimated at 20.83 million tonnes, according to the Indian Minerals Yearbook 2020. Additionally, trace amounts of Germanium have been identified in coalfields by the Geological Survey of India. However, India currently relies entirely on germanium imports.
Leverage and Potential:
India has an opportunity to leverage its manufacturing potential by emphasizing strategic partnerships within MSP. By highlighting its capability, India can actively engage in securing a consistent supply chain. Thereby reducing dependence on imports and ensuring stability in critical mineral access.
Read Also: Critical Minerals Alliance
