Friday, September 11
China's export restriction on key rare earth magnets has resulted in a supply chain bottleneck and impacted domestic industries, including electric vehicle manufacturers, Parliament was informed on Tuesday. In a written reply to the Lok Sabha, Minister of State for Commerce and Industry Jitin Prasada said consultations have been held regularly with relevant stakeholders to explore measures to address the issue. He also said that Ministry of Mines has been working to ensure supply chain resilience for critical minerals, including rare earth elements, which are used in producing rare earth magnets, as they are key materials for different sectors including EVs. To develop cooperation with countries having rich mineral resources, the mines ministry has already entered into bilateral agreements
In a significant breakthrough, China has conveyed that it has lifted curbs on export of fertilizers, rare earth magnets/minerals as well as tunnel boring machines to India – the three asks New Delhi had from Beijing when External Affairs Minister S Jaishankar met his counterpart Wang Yi last month.ET has reliably gathered that Chinese foreign minister Wang Yi, who is in India on a two-day visit, assured Jaishankar on Monday that China had already started responding to Indian requests on these three items. In fact, the understanding on the Indian side is that shipments have already begun, those familiar with the details said.ALSO READ: China's top diplomat hails 'positive trend' in relations with IndiaIndia had underlined its concerns strongly with China as sudden fertilizer curbs had dir
