Rare Earth War: SBI’s report threatens important sectors of India due to possible ban of China

News India Live, Digital Desk: Rare Earth War: Possible restrictions on the export of rare Earth Rare Earth minerals by China can have a profound impact on India’s five major industries. A study conducted by SBI economists has warned that the move will affect both India’s domestic production capacity and exports. Drulabh earth minerals are elements that are considered extremely important for modern technology and various high-technical industries. Smartphone, electric vehicle EV renewable energy such as wind turbine therapy equipment and defense systems is almost impossible to make without them. This report of SBI economists has been published under the title ‘Future of the periodic table: an analysis of the possibilities of India’s rare earth elements’. It states that India has the fifth largest reserves in the world of rare earth minerals, but more than 90% of its requirement still imports from China. Currently, China is the largest producer and exporter of these minerals worldwide. If China prohibits the export of these minerals, the five industries in India will be the most affected which use these minerals on a large scale. These include electronics, wind energy, defense industry, electric vehicle EV batteries and pharmaceuticals. In addition, ceramic Ceramics, Clothing and Special Glass and Polishing Industries can also be indirectly affected, as rare earth minerals are used in the production of products like magnets. The report also states that globally, seeing the growing demand and dominance of these rare earth minerals such as strategic metals, India needs to force its rare earth policy. India has immense possibilities to develop its domestic resources, speed up their mining process and increase processing capabilities. Also, these minerals from old equipment and batteries will also have to focus on recycling these minerals. If India wants to achieve the goal of ‘self -reliant India’, it is very important to achieve self -sufficiency in the production of these minerals. This will not only ensure our industrial security, but will also strengthen our position in global supply chains.