India and Australia decided to strengthen their partnership in the field of projects and supply chains for critical minerals.
- Australia confirmed that it would commit USD 5.8 million to the three-year India-Australia Critical Minerals Investment Partnership.
- Critical minerals are elements that are the building blocks of essential modern-day technologies and are at risk of supply chain disruptions.
- Based on their individual needs and strategic considerations, different countries create their own lists.
- However, such lists mostly include graphite, lithium and cobalt, which are used for making EV batteries; rare earth that is used for making magnets and silicon which is a key mineral for making computer chips and solar panels.
- India’s Department of Science and Technology, in collaboration with the Council on Energy, Environment and Water, drafted the Critical Minerals Strategy for India in 2016, with a focus on India’s resource requirements till 2030.
- The Indian Critical Minerals Strategy has identified 49 minerals that will be vital for India’s future economic growth.