
Prime Minister Narendra Modi announced on Wednesday that India is pursuing a mission-mode approach to develop domestic capabilities in critical minerals and semiconductors, emphasizing that the country cannot afford to remain dependent on foreign nations in areas linked to economic and strategic security. Speaking to NDA constituents in New Delhi, Modi said securing supply chains for critical minerals and building a robust semiconductor ecosystem have become national priorities as India seeks to strengthen its position in an increasingly competitive global landscape. The Prime Minister asserted that the government would continue to accelerate policy decisions aimed at strengthening India's economic foundations and strategic capabilities, stating "Today, I will reassure the nation again that this series of major decisions in the national interest will accelerate even further. We will move forward at a rapid pace."
Union Minister G Kishan Reddy announced on Monday that the Centre has adequate coal reserves to meet power generation requirements for 80 days. Speaking to reporters about NDA government achievements since 2014, Reddy noted that coal production could face disruptions during the monsoon season due to heavy rainfall. According to reports from PTI, Reddy emphasized that this coal reserve sufficiency follows directives from Prime Minister Narendra Modi. The minister highlighted the significant improvement from previous conditions, stating that "Earlier, there used to be a shortage of coal. Now, the Government of India has coal reserves sufficient for 80 days of power generation."
Highlighting the importance of critical minerals, Reddy revealed that the Centre is identifying critical mineral reserves and undertaking exploration activities. As reported by PTI, the minister confirmed that exploration has begun in critical mineral blocks acquired in Argentina, with production expected to commence as early as possible. The Prime Minister's mission-mode announcement now provides strategic context for this initiative, with Modi stressing that "We cannot afford to remain dependent on foreign nations in areas linked to economic and strategic security." The Centre is also encouraging private players to import either processed or semi-processed critical minerals into India, with auctions having begun in areas where exploration has been completed. Recent developments show that China controls approximately 47% to 87% of global refining capacity across many critical mineral supply chains, with China estimated to control approximately 94% of global rare earth magnet manufacturing capacity.
Reddy highlighted significant improvements in India's coal sector performance, stating that the country is now producing a record 1,040 million tonnes of coal annually. According to PTI, he contrasted this with previous challenges, alleging that scams in the coal sector used to make headlines during the previous UPA regime. The Prime Minister's economic assessment reinforced this progress, noting that India's economy grew 7.7% in 2025-26 and highlighting the country's transformation from being counted among the "Fragile Five" economies to becoming one of the world's fastest-growing major economies. Modi emphasized that "The country witnessed the pace of development when intent, policy and decision-making align and work in unison," citing the expansion of airports, expressways, metro rail networks, internet connectivity and domestic manufacturing capabilities since 2014. Recent market data shows that NdPr oxide recovered from US$88.93/kg in May to US$91.90/kg in June, while iridium continued its steady ascent from US$6,617 per troy ounce in April to US$6,884 in June.
The critical minerals sector is increasingly being recognized as a processing challenge rather than just a mining problem, with the Prime Minister's mission-mode approach highlighting the strategic importance of domestic capabilities. As reported by the Critical Minerals Institute, China controls approximately 47% to 87% of global refining capacity across many critical mineral supply chains, with China estimated to control approximately 94% of global rare earth magnet manufacturing capacity. The strategic bottlenecks are now located between the mine and the factory, not primarily in the ground. Modi's emphasis on "We cannot afford to remain dependent on foreign nations in areas linked to economic and strategic security" demonstrates the global shift toward integrated critical mineral strategies, with the United States and India having signed a Strategic Critical Minerals Cooperation Framework focused on securing supply through mining, processing and recycling. The Prime Minister's commitment to ensuring that those who have recently moved out of poverty and entered the middle class do not lose their gains aligns with his government's broader economic security objectives.