PIB Summary- 22th August, 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

Africa can compliment India’s need for critical minerals needed for sectors like EVs: Union Minister Shri Piyush Goyal

Context

Africa’s mineral wealth, including rare earth elements, lithium, and cobalt, is crucial for India’s technological and industrial needs.

Strengthening India-Africa relations involves expanding trade, sustainable mining, technology partnerships, agricultural collaboration, and cultural exchanges.

This cooperation aims to boost economic growth, job creation, and mutual development.

Africa’s Mineral Potential

• Africa is a major source of critical minerals crucial for various technological and industrial applications.
• The continent is rich in rare earth elements, lithium, cobalt, and other essential resources needed for electric vehicle batteries and renewable energy technologies.
• It also holds substantial deposits of gold, platinum, and diamonds, as well as industrial minerals like bauxite and phosphate.
• These resources are vital for supporting global tech advancements and industrial growth.

India-Africa Relations: A Collaborative Partnership

• Trade Expansion: The government has set a target to double trade between India and Africa within the next seven years, which can provide substantial economic advantages for both regions.
• Mineral Resources: Africa’s rich mineral deposits can meet India’s needs for critical materials used in electric vehicles and renewable energy technologies.
• Sustainable Mining: Joint efforts can lead to sustainable mining practices, enhancing environmental and economic outcomes.
• Technology Partnerships: Leveraging India’s Digital Public Infrastructure can drive technology adoption in Africa, fostering financial inclusion and digital development.
• Agricultural Collaboration: India can support Africa’s agricultural sector by facilitating the export of crops like oilseeds and pulses.
• MSME and Entrepreneurship: Strengthening MSME cooperation and fostering entrepreneurship can create jobs and stimulate economic growth.
• Financial Assistance: India has provided over US$12 billion in assistance to Africa through 196 Lines of Credit, supporting more than 42 countries.
• Cultural and Sports Exchanges: Enhancing collaboration in entertainment, sports, and cultural exchanges can strengthen mutual understanding and cooperation.
• Startup Ecosystems: Encouraging collaboration between startups in India and Africa can spur innovation and business growth.
• South-South Cooperation: Promoting partnerships aligns with broader goals for global cooperation and development.