"PM Modi Calls for Global Responsibility in Custodianship of Critical Minerals to Prevent New Colonialism"

Indian Prime Minister Narendra Modi warned that if nations with critical minerals do not view their custodianship as a global responsibility, it could lead to a new model of colonialism. Modi's comments come as the race to secure resources essential for energy transition goals intensifies, with challenges such as uneven geographical distribution of these minerals. China currently dominates the production and processing of rare earths, accounting for 70% of global mine production in 2022. Modi emphasized India's potential to build an efficient and reliable supply chain, highlighting the need to diversify supply chains in the face of global challenges.