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China enhances export restrictions on rare earth materials.
India's auto and EV industries may be subject to supply disruptions.
Sector calls for government to increase local rare earth production.
China's latest action to restrict export of rare earth elements has set alarm bells ringing in India's automotive and electric vehicle (EV) production industries. The rare earth elements, essential for making electric motors, batteries, and electronic devices, are now facing supply shortages in the wake of Beijing's new export curbs to protect national interests and high-technology businesses.
India, which has a major portion of its rare earth needs imported from China, might see production and cost rise in its fast-growing EV segment. The experts feel the curbs have the potential to disrupt supply chains, particularly for parts such as magnets and battery components, and might delay India's plans to transition to electric mobility.
Industry players have called upon the Indian government to speed up local mining and processing of rare earth elements, and seek alternative sourcing alliances with nations such as Australia, Vietnam, and the USA. The problem also points to India's reliance on key imports for its clean energy aspirations.
Experts are of the view that unless immediate policy decisions and strategic stockpiling efforts are taken, India's vision to become a global hub for electric vehicles by 2030 may run into serious obstacles.
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