China has filed a complaint against India with the World Trade Organisation (WTO) over New Delhi’s EV and battery subsidies, asserting that it gives the country “unfair competitive advantage”. In an official statement, Chinese commerce ministry said the step hampers Beijing’s interests.
The ministry added that it would take “firm measures” to effectively safeguard the legitimate rights and interests of its domestic industries.
An Rho Motion data, a market research firm, earlier stated that China accounted for nearly two-thirds of global electric vehicle (EV) sales, which is almost 1.3 million units. The complaint comes at a time when reports said that India may launch a National Critical Mineral Stockpile (NCMS) programme, aiming the availability of rare earth elements within the nation.
What is NCMS programme?
The NCMS or National Critical Mineral Stockpile programme is an ambitious initiative of the Government of India that it may launch soon, ET and others reported earlier. The aim is to ensure proper stocks of the rare Earth elements within the country to accommodate energy innovations.
The programme, reportedly, would facilitate on mechanism to safeguard these elements for the expansion of domestic rare earth mineral production in India.
Rare earth elements are a group of 17 chemically similar metals which are used in high-tech applications because of their unique magnetic and electrical properties.