New Delhi, June 10 -- Commerce and Industry Minister Piyush Goyal has characterised China's recent rare earth export restrictions as a global "wake-up call" that underscores the critical need for supply chain diversification.

Speaking during an official visit to Switzerland on Monday, Minister Goyal addressed ongoing challenges related to China's restrictive policies regarding rare earth magnet exports, which have created supply chain concerns for multiple industries globally.

He emphasised India's strategic positioning as a reliable alternative for international businesses seeking to reduce dependence on Chinese suppliers.

China's new export controls, implemented on April 4, require special licensing for seven rare earth elements and ...