Prime minister Narendra Modi on Sunday said that the world may witness a "new model of colonialism" if countries with critical and rare minerals do not regard custodianship as a "global responsibility".
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While addressing the Business 20 Summit in New Delhi, he said, "We are experiencing this challenge for critical materials, rare earths and others. These things are abundant in some places and not present at all in others, but all of humankind needs them."
"The ones who have them, if they don't see that as a global responsibility, then this will promote a new model of colonialism. This is my warning," he added.
Talking about India's role in efficient global supply chain, PM Modi said that India could build an efficient supply chain in contrast to the pre-pandemic one that "broke down when the world needed it most".
"The world can never look at the global supply chain in the same way. Can a supply chain be called efficient when it gets disrupted during the time of need? India is the solution to this problem," he said.
{{/usCountry}}"The world can never look at the global supply chain in the same way. Can a supply chain be called efficient when it gets disrupted during the time of need? India is the solution to this problem," he said.
{{/usCountry}}PM Modi's warning came as the hunt for the crictal earth minerals has gained momentum and their adequate supplies is far from assured amid challenges such as resources' uneven geographical diversification.
According to Reuters, China accounts for 70% of world mine production of rare earths in 2022 and is home to 85% of global processing capacity. In 2023, China imposed export restrictions on gallium and germanium for use in computer chips and other components.
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Amid efforts to diversify supply chains, India and US in June this year, announced deals in sectors as varied as chips, minerals, technology, space and defence during PM Modi's state visit to Washington.
PM Modi also called for a pro-planet approach to be adopted by every nation. “In India, we are focusing on green energy. We aim to replicate the success of solar energy in the green hydrogen sector. India wants to take all countries together, and it is reflected in the form of International Solar Alliance”, he said.