The report is prepared by the United Nations Department of Economic and Social Affairs.
Key Highlights of the report:
- The world economy is projected to grow by 2.7 per cent in 2024, instead of 2.4 per cent forecasted earlier.
- India's expected growth rate for the year 2024 is 6.9%, and for 2025 it is 6.6%.
- Technological breakthroughs especially processing and use of critical minerals has opened up new opportunities for boosting economic growth.
Critical Minerals
- They are metallic or non-metallic elements that are considered to have a role in a country’s economic or national security.
- Every country develops their own lists of critical minerals based on the relative importance of industrial needs and strategic assessment of supply risks.
- India has listed 30 critical minerals like Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, Germanium etc.
Challenges in investment of critical minerals
- Concentration of resources in a few geographical locations may lead to supply chain vulnerabilities For ex-Lithium triangle consisting of Argentina, Chile and Bolivia
- Supply-chain and national security concerns are increasingly shaping critical mineral sector policies for ex-European Union’s Critical Raw Materials Act (2024).
- Unsustainable Mining and processing.
India’s initiatives for Critical minerals
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