In an exclusive conversation with DH’s Gyanendra Keshri, Deependra Singh, Chairman and Managing Director of IREL (India) Limited, highlights the growing importance of critical minerals in India’s strategic and economic future. Singh discusses the crucial role of rare earth elements and other critical minerals in powering modern technologies, from high-tech electronics to electric vehicles and defense equipment.
Singh emphasizes that critical minerals are indispensable to the modern economy. Their incorporation into functional materials results in superior construction materials, improved performance, and enhanced technologies. However, Singh points out that the mere discovery and mining of these ores is not enough to make India a significant player in the sector. He underscores the importance of building robust processing and refining capabilities—something that has largely been dominated by China.
One of the most significant challenges in the critical minerals sector, according to Singh, is the geopolitical monopoly China holds over the processing and refining of these minerals. This monopoly creates supply-side risks and price volatility, threatening global supply chains. The lack of diversification and competition further exacerbates these issues. As India looks to secure its own future in critical minerals, Singh believes addressing these challenges is key to reducing dependence on external players and ensuring a stable supply for India’s economic and technological aspirations.
