rare earth magnets
There is a big good news for India in the field of Rare Earth Magnets. The Ministry of External Affairs informed on October 30 that some Indian companies have received approval to import rare earth magnets from China. External Affairs Ministry spokesperson Randhir Jaiswal said, licenses have been issued to some Indian companies to import rare earth magnets from China. Now it remains to be seen what effect the ongoing talks between America and China have on this.
Rare earth metals are precious elements that are essential in high-tech industries. They are used in mobile phones, electric vehicles, wind turbines, missile systems and other cutting-edge technological devices. Till now, China has been the world’s largest player in the production and export of these metals. India getting permission to import rare earth from China is considered a big relief for the industry.
Tension between America and China ended
This step has been taken at a time when recently the tension between America and China regarding rare earth was announced to be over. US President Donald Trump said on Thursday that the dispute over rare earths with China has been resolved. He told that during his meeting with Chinese President Xi Jinping in South Korea, a one-year trade deal was signed between the two countries. Trump said, we have talked about China’s rare earth export control and they have promised to continue its supply, which is very important.
Trump also claimed that now there will be no interruption in rare earth supply. He said, now this issue will disappear from our vocabulary for some time. It is noteworthy that China has about 70 percent global control over the supply of rare earth metals. Disruption in the supply of these metals can affect the electronics and automobile industries of the entire world.
Indian companies got license
India was looking for new sources for the supply of these important elements for a long time. Now after getting the license from China, Indian companies will be able to fulfill their needs. This will strengthen India’s manufacturing industry and also reduce dependence on domestic production. This step of the government is being considered as a big strategic advantage for the Indian industry, which will provide relief to the electronics, defense and auto sectors.