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India Plans Strategic Rare Earth Reservearchive.is/k2175
139 sats \ 3 comments \ @Coinsreporter 20 Sep news
India is considering setting up a strategic reserve of critical minerals for emergency use in defense manufacturing, a top official said, joining other countries who are accelerating efforts to build a domestic supply chain.
The reserve of critical minerals and metals would be used to “tide over immediate requirement” when needed, said Rajesh Kumar Singh, a top Ministry of Defence official. He was speaking at a media event organized by the Business Standard daily in New Delhi on Saturday.
This is the first time India has made public its plans to set up such a strategic reserve. Key military hardware such as missiles, aircraft, radars and warships all require critical minerals, and shortages can have a crippling effect on defense preparedness.
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7 sats \ 1 reply \ @2053456d48 21 Sep
Energy and natural resources are the most important part of the growth and advancement.
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0 sats \ 0 replies \ @Solomonsatoshi 21 Sep
You can be rich in energy and natural resources but not enjoy a good economy.
Many energy/resource rich nations find themselves cursed by the predatory resource capture and control operations employed by more 'advanced' nations who infiltrate and extract their resources.
What is most important is a government that is robust and not corrupt and motivated to develop the nations resources in the nations best interests- rather than being captured and controlled by imperialists. India has some experience in this dynamic.
China also has similar experience but today shows how you can develop wealth and prosperity by focusing on the advantages your nation possesses and avoiding capture and control by western imperialists.
India is rich in people, land, diverse culture, history and English speaking and ambitious and increasingly educated citizens. India has since regaining independence maintained a principled non aligned development approach seeking to avoid re-capture by western imperialists.
But now India must also adapt and develop in the context of a changing world where ancient rival China is now the dominant trading nation and looks like becoming a super power equal to or greater in power than the declining USA. China is certainly looking at regional hegemony in the near future already controlling Cambodia and Laos and Myanmar and with extensive investments in Pakistan and other Asian economies. In fact all Asian economies are now deeply tied to trade with China.
The wealth of nations is hugely dependent upon the quality of their governments and their ability to invest in the nations potential and avoid capture and subjugation by other nations.
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0 sats \ 0 replies \ @Solomonsatoshi 21 Sep
Good luck with that. China has already achieved near complete global domination of rare earth supply chains especially in the most difficult part which is the refining of the raw materials into useful products. It would take decades and huge investment for any alternative refining capacity to be built outside of China and is unlikely to be capable of competing with Chinas refiners on price so would require massive government subsidies to ever happen. Japan realised this problem more than a decade ago and have made almost no progress on finding alternatives.
The wealth of nations is to a large extend dependent upon governments directing capital and resources toward such strategic assets and capabilities... The west has neglected this reality for decades while under the spell of neoliberal financialised voodoo economics and its deeply flawed ideology.
China has won the trade war and the rest of the world can and is being held to ransom for access to refined rare earth supply chains.
Does the west even have the unity of purpose and will to build alternatives? Seems very unlikely as long as so many in the west remain under the illusion that free markets will solve all problems and that governments are wholly parasitic and corrupt.
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