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A ‘special thing’ is mined and produced in China. Without this ‘special thing’, the imagination of the modern world is incomplete. From electric vehicles to smartphones, wind turbines to missile systems, they are used everywhere. If this is not ‘special thing’, then neither vehicles will run, nor will the phones play, nor will the satellite roam. Now the problem is that it is being produced in China, but it has refused to send it to other countries of the world. Along with the whole world, it has been short of it in India and our industry, especially the auto industry, is getting affected. You must be thinking what is this ‘special thing’?
Not importing for two months
Let us know that for the last about two months, the import of rare economy magnets in India is absolutely stalled. According to a report by the Times of India, the auto industry has clearly warned the government that if the supply is not started soon, the work in the factories will come to a standstill. An official said that even though these magnets are of low price, if not a single required part is found, then the entire vehicle cannot be made. The Society of Indian Automobile Manufacturers (SIAM) have told the government that now the stock of these magnets is about to end.
Crisis in many countries of the world
This crisis is not just in India. Industries of countries like America, Germany and Japan are also upset due to this ban of China. On April 4, China controlled the export of these things under a new policy to strengthen its ‘national security’. China produces about 70 percent of the rare economy worldwide and produces 90 percent of the material. Now it has put export control on many precious elements like Samaryium, Gadolinium, Turbium, DysproSium, Lutetium, Scandium and Etrium.
Businesses and political relations between India and China are already stressful, making this issue more complicated. 17 companies in India sent applications to China, out of which only 9 companies have been approved. This includes large companies like Continental Automotive, Hitachi Estamo, Mahle Electric Drives, Varro Engineering and Flash Electronics. Applications of other companies such as Minda Instruments, Nippon Audiatronics and HMC MM Auto are still pending.
The government is now trying to interact with Beijing with diplomatic channels, so that this crisis can be resolved. Till the solution is not found, the jobs and dreams of millions of people will remain threatened.
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