NEW DELHI — Union Minister for Railways and Electronics and Information Technology Ashwini Vaishnaw has arrived in the United States to participate in a high-level ministerial meeting focused on critical minerals, a key area for India’s industrial and technology ambitions.
Vaishnaw reached Washington, D.C., on Sunday ahead of the Critical Minerals Ministerial Meeting, scheduled to be held on Monday local time. In a post on social media, he underscored the strategic importance of secure supply chains for India’s long-term development goals.
“Secure critical mineral supply chains are vital for our goal of Viksit Bharat,” Vaishnaw said.
The visit comes as India steps up efforts to strengthen domestic capabilities in advanced materials and reduce dependence on imports. The government has recently announced a major scheme to promote the manufacturing of sintered rare earth permanent magnets, a critical component for sectors ranging from electronics to clean energy.
The scheme, with a financial outlay of Rs 7,280 crore, aims to establish 6,000 metric tonnes per annum of integrated manufacturing capacity, covering the full value chain from rare earth oxides to finished magnets. Officials said the initiative is designed to boost India’s participation in global advanced-materials supply chains while supporting long-term industrial growth.
Under the program, domestic manufacturing capacity will be allocated across five beneficiaries through a global competitive bidding process, with each eligible for up to 1,200 metric tonnes per annum. The package includes Rs 6,450 crore in sales-linked incentives spread over five years, along with a Rs 750 crore capital subsidy. Implementation is planned over seven years, including a two-year gestation period followed by five years of incentive disbursement.
The government said the initiative will help attract technology-driven investment, improve competitiveness, generate employment, and support India’s energy transition goals, including its Net Zero 2070 target. It is also aligned with the broader Atmanirbhar Bharat vision of strengthening domestic manufacturing.
India has also been expanding international cooperation on critical minerals. The Ministry of Mines has signed bilateral agreements with mineral-rich countries such as Australia, Argentina, Zambia, Peru, Zimbabwe, and Mozambique. In addition, India is participating in multilateral platforms including the Minerals Security Partnership and the Indo-Pacific Economic Framework to help build resilient and diversified critical minerals supply chains. (Source: IANS)
