India Eyes Self-Reliance Amid China's Rare Earth Export Restrictions

China's decision to restrict the export of rare earth elements and associated magnets is expected to hamper India's automotive and white goods sectors in the immediate future. In response, India's government and related industries are engaging in proactive measures, as highlighted by Commerce and Industry Minister Piyush Goyal during his address on Monday.

Currently visiting Switzerland to engage with its leaders and businesses, Goyal specified that India is holding discussions with China through its embassy. He also pointed out that the commerce ministry is diligently working to resolve the situation, considering the automobile industry's call for expedited application approvals for importing these essential components.

Minister Goyal emphasized India's commitment to reducing dependency on specific geographies and evolving into a reliable part of the global supply chain. He assured that, despite the temporary setback, India's collaboration with innovators and startups, along with government support, would bolster the sector. The crisis serves as an impetus for India to recognize the importance of self-reliance.

(With inputs from agencies.)