India, Feb. 5 -- With rare earth minerals emerging as the next big resource for nations seeking to stay ahead in the race for global power, the US has unveiled its most ambitious plans yet to corral countries into a coalition of the willing for critical minerals that will coordinate price floors for materials used in semiconductors, electric vehicles, wind turbines, aerospace and defence. The only factor behind this move is countering China's dominance of the sector - it mines almost 60% of the world's rare earths and processes about 90%.

India's initiatives such as establishing a domestic ecosystem for rare earth permanent magnets and creation of dedicated rare earth corridors are a pointer to the centrality of self-sufficiency in this ...