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    Global Custodianship of Critical Minerals- A Pinnacle Responsibility, Warns India’s Modi

    Imperative Collective Accountability Needed Amidst Escalating Mineral Scarcity and Geopolitical Shifts

    NEW DELHI, August 27, 2023 (MegaloPreneur) – In a resounding call echoing across international corridors, Indian Prime Minister Narendra Modi has issued a grave caution that failure to recognize the custodianship of critical minerals as a “global responsibility” could birth a perilous “new model of colonialism.” This clarion call arrives as corporations surge towards the procurement of indispensable resources pivotal to the realization of energy transition aspirations.

    Addressing the luminaries gathered at the Business 20 summit in New Delhi on a contemplative Sunday, Modi accentuated, “We confront a formidable conundrum concerning critical materials, among which rare earths are conspicuous. These vital elements, by nature’s capricious hand, stand profuse in some terrains, yet remain utterly absent in others. Nevertheless, the exigencies of humanity at large render these resources indispensable.”

    Eloquently attired in a prescient appraisal, Modi articulated his concerns, asserting, “Should the fortunate possessors of these precious resources fail to internalize their global custodianship as an earnest duty, the lamentable consequence could well entail the resurrection of a contemporary variant of colonialism, a nefarious paradigm we must eschew at all costs. I beseech you to heed this warning.”

    The poignant remarks emanate from a backdrop where the provision of critical minerals pivotal to the seamless transition toward eco-friendly energy is ensnared in a labyrinth of uncertainty. The unequal distribution of these resources across disparate geographies impels a sense of urgency, with the specter of scarcity looming ominously.

    According to compelling statistical data, China’s dominion over rare earths extraction was colossal, contributing to an astounding 70% of global mine production in the preceding year. Furthermore, China, a sanctuary to approximately 85% of the world’s processing capabilities, cast its regulatory net, restricting the export of gallium and germanium, prized elements vital for the production of computer chips and ancillary components. This overt maneuver, perceived as an orchestrated reprisal for U.S. embargoes on technological exports, has elicited consternation and amplified concerns over an impending escalation of restrictions.

    Addressing a congregation of global industrial magnates and visionary business leaders, Modi expounded on the potential for India to meticulously craft an efficacious and dependable supply chain, an antithesis to the pre-COVID-19 era where global supply chains foundered precipitously when the world’s dependence peaked.

    Embarking on an epochal trajectory of diversification within the realm of supply chains, the collaborative endeavors of the United States and India are manifest. Announced in June, during Modi’s momentous diplomatic overture to Washington, these bilateral accords traverse a multifaceted spectrum encompassing sectors as diverse as semiconductors, mineral resources, technological prowess, outer space exploration, and defense synergies.

    As the cacophony of Modi’s admonishment resonates far beyond the precincts of the Business 20 summit, its profound implications permeate the corridors of global policy-making and resonate within the boardrooms of multinational enterprises. In an epoch marred by burgeoning scarcity and geopolitical realignments, the clarion call for collective stewardship of critical minerals assumes an unprecedented urgency, forging a cohesive nexus of responsibilities to avert the quagmire of contemporary colonialism and usher in an era of equitable prosperity.

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