New Delhi, Nov 3 (UNI) A session was held by the PHD Chamber of Commerce and Industry (PHDCCI), where suggestions were made regarding the creation of an exclusive Department for Critical Minerals.
Anil Chaudhary, Senior Member, Minerals & Metals Committee, PHDCCI and former Chairman, SAIL, suggested creation of an exclusive Department for Critical Minerals since the value chain requires a holistic approach and inter-ministerial coordination; consider stockpiling and keeping buffer inventories as done by the US in oil & gas sector; incentivize private sector for investing in critical mineral exploration and processing; reducing bureaucratic hurdles.
The remarks were made during PHDCCI’s Brainstorming Session on "Critical Minerals: Way Forward to Overcome Global Supply Chain Uncertainties".
At the session, eminent experts gave their suggestions for circumventing global supply chain uncertainties in the critical minerals segment. Chaudhary complimented the Government of India for identifying 30 critical minerals and strongly advocated for the inclusion of coking coal in the list of critical minerals since India has been importing 90 pc of the coking coal requirement worth $15 billion every year, which is likely to double in the next 10-12 years.
He informed that critical mineral supplies are susceptible to trade and geopolitical problems, and hence India should forge mineral diplomacy with smaller countries that are rich in critical minerals to form strategic partnerships.
Such countries could be Congo, Mozambique and even Afghanistan and Latin American countries, he said, to reduce India’s dependence on China. At the session, Assistant Secretary General, PHDCCI, Shalini Sharma, delivered the Welcome Address and said that Critical minerals are vital for India's economic development, national security, and clean energy transition, serving as essential components for technologies like solar panels, wind turbines, and electric vehicles.
“Securing a stable supply is crucial for achieving India's renewable energy goals, advancing its defense and technological sectors, and ensuring food security.” At the session, Sandeep Hamilton, Founder & Chairman, Critical Minerals Association of India, emphasized the need to “Collaborate Globally and Secure Nationally” to reduce dependence on China, highlighting that critical mineral security rests on managing the 3Gs: Geology, Geopolitics, and Geo-governance.
Deepak Bhatnagar, Secretary General, Pellet Manufacturers’ Association of India, called for a mission-mode approach for critical minerals development, similar to Mission Agni initiated by Dr. A P J Abdul Kalam, focusing on the entire value chain from exploration and processing to commercialization and marketing as successfully implemented by China. Abhinav Sengupta, Associate Director, PwC, stressed the importance of investing in processing capabilities, noting China’s dominance in this segment.
He added that the energy transition is highly mineral-intensive offshore wind (7x), EVs (6x), and solar/onshore wind (2-3x more than fossil fuels) making self-reliance in critical minerals essential for India’s energy future.
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