India has the potential to be a key partner in diversifying critical mineral supply chains globally, a senior US official has said at a conference that discussed the potential and opportunities to advance the respective clean energy agendas of the two countries.
The one of its kind round table organised by the US-India Strategic Partnership Forum (USISPF) along with Silverado Policy Accelerator and Principal to Principal Strategies (P2P) discussed fortifying both nations’ economic interests.
The demand for key minerals, such as graphite, manganese, and lithium will continue to play a vital role in the electric vehicles (EV) space and will help India work towards its net zero vision in 2070, a statement said here.
The bilateral US-India energy relationship is one of the most consequential in the world India has the potential to be a key partner in diversifying critical mineral supply chains globally, US Assistant Secretary of State for Energy Resources Geoffrey Pyatt said at an industry roundtable on Enhancing US-India Critical Minerals Collaboration’ recently.
The goal is to forge an actionable roadmap for enhancing US-India collaboration in the critical minerals domain. While recognising that this collaboration is still burgeoning, the objective remains to catalyse investments and foster robust bilateral linkages within critical minerals supply chains and their downstream industries, the USISPF said.
The Quad has been a landmark mini-lateral uniting four countries, whose combined GDP is near USD 35 trillion, said Mukesh Aghi, president and CEO of USISPF.
At a time of friend-shoring and re-shoring supply chains, a critical minerals synergy will help solidify a new component of the Quad structure and boost India’s manufacturing potential in areas such as smartphones and electric vehicles, he said.
Verinda Fike, the Regional Director for the Indo-Pacific at the US Trade and Development Agency said USTDA is committed to partnering across governments and the private sector to strengthen critical mineral supply chains.
These partnerships are important to the shared clean energy and digital infrastructure goals of both India and the United States, she said.
The roundtable brought together a diverse array of stakeholders from industry, including USISPF members, the US government and the Embassy of India, think tanks, and international partners with interests and aspirations in the US or India’s critical minerals market, a media release said.
Mahnaz Khan, vice president (Policy) Silverado Policy Accelerator said the roundtable was convened to formulate an actionable policy roadmap grounded in business input and a data-driven approach, aimed at shaping policies that mutually benefit the critical minerals sectors of both the United States and India.
During the discussion, the stakeholders agreed that there is a massive opportunity in India’s mining sector but lacunas exist regarding its global resource contributions.
Kristi Rogers, managing partner and co-founder of P2P and the Global Supply Chain Task Force said, securing critical minerals’ supply chain cannot be done alone; it requires almost unprecedented coordination and cooperation.
But through collaboration, the US and India can spur economic growth by building new processing and refining industries and supporting infrastructure, creating jobs, and improving our collective economic security, she said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 09 2024 | 11:38 PM IST
