Reports indicate that the Indian government is set to initiate the National Critical Mineral Stockpile (NCMS), a program designed to secure the nation's access to rare earth elements essential for clean energy and advanced tech industries.

The initiative is a reaction to China’s recent limitations on exporting rare earth magnets, crucial elements for electric vehicles, wind turbines, and modern electronics, which have affected global supply chains. A high-ranking government says that the strategy includes establishing a two-month stockpile of essential rare earth elements with the active involvement of private firms.

The primary emphasis is on rare earth elements. The program’s reach will ultimately expand to cover additional critical minerals essential for India’s energy transition and manufacturing industries.

Rare earth elements, consisting of 17 chemically alike metals, are utilized in advanced technologies because of their distinct magnetic and electrical characteristics.

The NCMS will support India’s larger strategy to enhance local manufacturing of rare earth magnets.

Previously a committee comprising multiple ministries approved a Rs. 7,300-crore initiative aimed at manufacturing up to 6,000 tonnes of rare earth magnets in the upcoming five years.

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The National Critical Minerals Mission (NCMM) has allocated Rs 500 crore to protect against supply disruptions and guarantee reliable access to minerals for local industries.

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Stockpiling is essential for self-reliance; however, India encounters difficulties in processing rare earths because of restricted technological capabilities. The majority of the nation's needs are satisfied by imports.

India is believed to possess 7.23 million tonnes of rare earth oxides contained in 13.15 million tonnes of monazite reserves, mostly found along the shores of Andhra Pradesh, Odisha, Tamil Nadu, Kerala, along with sections of West Bengal, Jharkhand, Gujarat, and Maharashtra.

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The Ministry of Mines has completed five rounds of auctions to date, offering 55 essential and strategic mineral blocks, with 34 having been successfully awarded. Last month, the sixth round of auctions was initiated to enhance exploration and production efforts.