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Informist, Friday, Feb. 14, 2025

NEW DELHI – India and the US on Thursday announced the launch of a strategic mineral recovery initiative to recover and process critical minerals, including lithium, cobalt and rare earths, from heavy industries like aluminium, coal mining and oil and gas, the Ministry of External Affairs said. The initiative was announced following a bilateral meeting between Prime Minister Narendra Modi and US President Donald Trump at the White House in Washington. A joint statement was also released highlighting the decisions both leaders arrived at during the bilateral talks. Modi is on a two-day visit to US.

Underlining the strategic importance of critical minerals for emerging technologies and advanced manufacturing, both countries have decided to accelerate collaboration in research and development and promote investment across the entire critical mineral value chain. "Both countries have committed to intensifying efforts to deepen cooperation in the exploration, beneficiation, and processing as well as recycling technologies of critical minerals," the joint statement reads.

Both leaders also expressed commitment to build resilient supply chains, including for semiconductors, critical minerals, advanced materials and pharmaceuticals. Earlier, the Indian government had announced in the Budget for 2025-26 (Apr-Mar) that it would bring a new policy for critical minerals. 

During the meeting, Modi and Trump welcomed recent Budget announcement by India for amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act for nuclear reactors. The leaders decided to establish bilateral arrangements in accordance with the act, which would address the issue of civil liability and facilitate the collaboration of Indian and the US industry in the production and deployment of nuclear reactors. "This path forward will unlock plans to build large US-designed reactors and enable collaboration to develop, deploy and scale up nuclear power generation with advanced small modular reactors," the joint statement read.

"This will bring safe and affordable electricity to millions of Indians and billions of dollars to US civilian nuclear industry," Trump said.

Both leaders also launched a new initiative – the 'US-India COMPACT (Catalyzing Opportunities for Military Partnership, Accelerated Commerce and Technology) for the 21st Century' – to drive change across key pillars of cooperation. Both the countries have set a $500-billion bilateral trade target by 2030 and achieve to the goal, the leaders announced plans to negotiate the first tranche of a mutually beneficial, multi-sector bilateral trade agreement by the fall of 2025.

"The leaders committed to designate senior representatives to advance these negotiations and to ensure that the trade relationship fully reflects the aspirations of the COMPACT. The US and India will take an integrated approach to strengthen and deepen bilateral trade across the goods and services sector, and will work towards increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration," the joint statement read.

During his US visit, Modi also met Elon Musk, head of the US Department of Government Efficiency and Chief Executive Officer of Tesla. According to the Ministry of External Affairs, Modi and Musk discussed strengthening collaboration between Indian and US entities in innovation, space exploration, artificial intelligence, and sustainable development. "Their discussion also touched on opportunities to deepen cooperation in emerging technologies, entrepreneurship and good governance," the ministry said.  End

US$1 = INR 86.88

Reported by Kuldeep Singh

Edited by Avishek Dutta

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