Implementing ‘MAKE IN INDIA’ Scheme in Rare Earths Production will make India No.1 among the world

In January and February alone, China exported 3,500 tons of Rare Earth Elements. Japan imports 32 percent of its demand and the United States imports 38 percent from China. Similarly, Korea, Russia, Taiwan, Thailand and Indonesia also import Rare Earth Element from China.

China exports at least Rs. 1,500 crore worth of these Rare Earth Elements annually to other countries.

In India, since only Government Company IREL alone engaged in Production of Rare Earths, it could not compete with China, and w.e.f. 2004 IREL have stopped the Rare Earths Production. They have produced only 5 tonnes in 3 years. India, which has 35 per cent of the world’s Rare Earths Reserves, will implement the Make in India Programme to increase Rear Earth Production in order to Earn Foreign Exchange and meantime to become self-sufficient in Nuclear Fuel. This will make India No.1 Rare Earth Producer and Exporter among the world.

Will the Prime Minister implement the Make in India Programme in Rare Earths Production?

Source : http://investorintel.com/technology-metals-intel/chinese-rare-earths-exports-dramatically-decrease-while-global-demand-for-rare-earth-products-increase/

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