India-US MoU on Critical Minerals Supply Chains

In response to China's increasing control over critical minerals vital to clean tech, on 3rd Oct 2024, India and the US signed an agreement to strengthen and diversify supply chains.

Key Points

Focus Areas: The agreement emphasizes exploration, extraction, processing, refining, recycling, and recovery of critical minerals, with both nations leveraging their strengths for mutual benefit.
China's Restrictions: China recently imposed curbs on exports of gallium, germanium, and rare earth magnet technology, tightening its control over the global clean tech supply chain.
India’s Solar Industry Protection: To safeguard domestic solar photovoltaic (PV) module production, India reinstated the Approved List of Models and Manufacturers (ALMM), preventing reliance on cheaper Chinese imports.
Further Plans: The Ministry of New and Renewable Energy (MNRE) plans to extend ALMM orders to solar cells by 2026, supported by India's Production Linked Incentive (PLI) schemes with a budget of Rs 24,000 crore.