India's 'rare human wealth' can counter China's 'rare earth' deposits, says Doval

Noting that China has got the major portion of rare earths deposits in the world while India is scanted, National Security Advisor Ajit Doval on Saturday said the country could counter that by converting its demographic dividend – young population – into an asset.

Speaking at an event here, he said India envisions to be a major power and needs to utilise its "rare human wealth" (130 crore population with 50 per cent of the population below 25 years of age as other major powers, including China, are ageing.

He was addressing students at a convocation event of Amity University here.

Doval and former Group General Manager and Country Head of HSBC India Naina Lal Kidwai were conferred with honorary doctorate degrees in philosophy by the varsity, reports PTI.

"These days we are wondering what is going to happen to the world that it comes in the change of technology, weapons, industry, business and we find that the one thing which is going to make the most difference is what you call as the 'rare earth' which includes radioactive materials, uranium and other high potential materials," he said, pointing out that China has got the major portion of the rare earths deposits while India is scanted.

Rare earths, an important, non-renewable natural resource, and alloys that contain them are used in many devices of everyday use such as computer memory, rechargeable batteries, cell phones, catalytic converters, magnets, fluorescent lighting, among others.

"How will India, which envisions to be a major power of the world, compete in the world where properties like natural resources may not compete with the powers with whom we would like to be competing, not necessarily in a conflicting way?

"We have got one resource and that is the 'rare human wealth' of 130 crore people and 50 per cent of them below the age group of 25 years. Just imagine, if this 'rare earth' could be converted into those high-technology items, if this 'human wealth' could convert itself into what is the real value," he said.