India-US TRUST & IMEC: Boosting Economic & Infra Cooperation

New Delhi, Feb 15 (PTI) India-US TRUST (Transforming Relationship Utilizing Strategic Technology) will pave the way for economic and technological cooperation between the two countries, while focus on the IMEC framework will deepen collaboration in infrastructure and economic corridors, according to industry experts.

Prime Minister Narendra Modi and US President Donald Trump have agreed on the TRUST initiative, to emphasise on creating strong supply chains of critical minerals, advanced materials, and pharmaceuticals.

As per a joint statement issued after the Trump-Modi meeting in Washington, both countries have decided to launch a recovery and processing initiative for strategic minerals such as lithium and rare earth.

The two sides will also work together on economic corridors and connectivity infrastructure under the IMEC (India-Middle East-Europe Economic Corridor) and I2U2 frameworks.

"TRUST initiative on critical minerals and advanced materials marks a significant step toward economic and technological cooperation. PM's focus on the IMEC and the I2U2 Group reflects a strategic push for global connectivity, fostering economic integration across regions," said Naveen Jindal, the President of apex body Indian of Indian Steel Association (ISA) and Chairman Jindal Steel and Power Ltd (JSPL).

The emphasis on creating strong supply chains for critical minerals, advanced materials, and pharmaceuticals is a significant step towards securing India's industrial future, particularly in sectors such as stainless steel, speciality alloys, and clean energy, Rajamani Krishnamurti, President, Indian Stainless Steel Development Association (ISSDA).

Indrajit Mookerjee, Vice Chairman and Executive Director, Texmaco Rail & Engineering, said, "The focus on building resilient supply chains for critical minerals like lithium and rare earth elements is significant, given their central role in the green energy transition and the growth of electric vehicle technologies. As a key player in infrastructure and railways, Texmaco sees immense potential in this collaboration for creating new opportunities in manufacturing and processing technologies.'

Gaurav Moda, Partner and Leader, Energy Sector, EY-Parthenon on India, said, "The establishment of these strategic partnerships could pave the way for significant advancements in sectors like defence, artificial intelligence, semiconductors, pharma and biotechnology. However, challenges such as ensuring the equitable distribution of these resources, maintaining global competitiveness, and addressing environmental concerns related to resource extraction will need to be carefully managed."

Debasish Mishra, Chief Growth Officer, Deloitte South Asia, said, "The focus is on developing a robust, self-reliant industry, technological capabilities, and resilient critical minerals supply chain capable of meeting emerging needs of new age technologies. The country needs to build long-term mineral supply sources, embrace cutting-edge technologies and sustainable practices across exploration, extraction, processing, and recycling. The collaboration between India and the US will be a significant milestone in this regard."

"The collaboration between India and the US on securing critical and advanced minerals is a welcome move. This will pave the way for ensuring stable supply chain for strategic inputs for vital industries like defence, electronics and clean energy," said Anil Kumar Chaudhary, Chair, Metals and Mining Committee, PHDCCI and former chairman, SAIL.