New Delhi: The arc of history is shaped by resources. The great colonial empires were built on spices, cotton, and opium. The 20th century was defined by oil, a commodity so powerful it triggered wars, toppled governments, and restructured economies. Now, in the 21st century, the new currency of power is critical minerals—lithium, cobalt, graphite, and rare earth elements—the irreplaceable building blocks of electric vehicles, renewable energy, semiconductors, and advanced defence systems.

As technology reshapes our world, rare earths and critical minerals are no longer just resources or commodities to procure. Strategically they are the silent architects of power, scarcity, and strategic destiny.

For India, a nation on the precipice of an economic and technological renaissance, the question is no longer whether to secure these resources, but how. Should it dig deep within its own territory, navigating environmental and social complexities, or should it extend its reach globally, embedding itself within strategic mineral supply chains? The answer is not binary. The moment demands an institutional response, a structural bulwark against volatility and geopolitical flux.

India must establish a National Critical Minerals Corporation (NCMC)—a sovereign-backed entity tasked with securing, processing, and stewarding these indispensable resources with the same precision and foresight that nations have historically applied to energy security.

The precedent for such an entity exists. India’s oil vulnerability in the late 20th century led to the creation of ONGC Videsh, which systematically acquired foreign oil assets, ensuring that India’s energy dependency was hedged through equity stakes rather than precarious trade agreements. The logic of that strategy is even more compelling in the case of critical minerals, where supply risks are not merely economic but existential. Unlike oil, which has a vast and diversified market, critical minerals are concentrated in the hands of a few nations—China alone processes over 75 per cent of the world’s rare earths, exerting a near-monopoly over global supply chains. When Beijing restricted exports of gallium and germanium in 2023, the world saw firsthand how minerals had become instruments of strategic coercion. The question is not whether India will face similar constraints, but when.

Mining within Indian borders offers a partial solution but is fraught with its own set of challenges. Geological surveys indicate substantial reserves, yet exploration has been hamstrung by bureaucratic inertia, regulatory........

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