Indicating it’s “going to take … senior level government direction” to help speed the mobilisation of private capital to create and scale strategic mineral value chains in India and the US, Pyatt said India’s recent decision to join the Mineral Security Partnership (MSP), its Quadrilateral Security Dialogue (QUAD) connection and the longer-standing United States – India Initiative on Critical and Emerging Technology (iCET) pact were all means to enabling vital high-level “critical minerals … policy conversation, but [also] practical collaboration”.
Pyatt pointed to the example of QUAD country companies Lynas Rare Earths of Australia and Japan’s JOGMEC of what could be achieved in the strategically important rare earths business, where Chinese state-backed enterprises control about 90% of global RE processing.
Pyatt’s long government career included a stint at the US embassy in New Delhi when bilateral trade between the two countries was, according to former ambassador Robert Blackwell, as “flat as a chapati”.
US investment bank Morgan Stanley says power demand in India that has been growing at circa-5% compound annual growth rate (CAGR) over the past two decades could now be growing at c8%pa and “is set to remain strong over the next decade or so”.
Morgan Stanley said India’s nuclear power demand could grow from c8GW to c20GW by 2032.
Meanwhile, the country’s target of reaching 300 million tonnes per annum of steel production capacity by 2030 “is both achievable and sensible given current rates of growth being experienced in the nation”.
Hear more from
Leave a Reply