‘Govt working on steps to improve supply of rare earth minerals’, Pg21.

Key Highlights:

• The government is taking steps to improve the supply of rare earth minerals by negotiating trade pacts and promoting domestic exploration.
• Commerce and Industry Minister Piyush Goyal announced these measures on Friday.
• Critical minerals like copper, lithium, nickel, and cobalt are vital for industries ranging from electronics to aerospace.
• An Indian team is scheduled to visit Chile and Peru for trade talks.

Detailed Insights:

• The government is focused on securing Free Trade Agreements (FTAs) with countries like Chile and Peru to ensure a stable supply of rare earth minerals.
• China's restrictions on the supply of these minerals have disrupted global supply chains, prompting India to seek alternative sources.
• Promoting domestic exploration and engaging startups in recycling and processing are key strategies to enhance the availability of critical minerals.
• Rare earth minerals are essential for various high-tech applications, including electronics manufacturing, renewable energy technologies, and defense systems.

Key Concepts Involved:

• Rare Earth Minerals: A set of seventeen metallic elements crucial for various modern technologies.
• Free Trade Agreement (FTA): A pact between two or more countries to reduce trade barriers.
• Supply Chain: A network between a company and its suppliers to produce and distribute a specific product.