ABSTRACT
Resource security matters for India and the global economy. This is demonstrated by the rise of new consumers of mineral resources (South–South resource trade is now larger than South–North trade), the continued concentration of large-scale mineral production in a few economies, a step-change in price volatility as compared to three decades ago, the rapid increase in outward foreign investment by BRICS countries in resource-rich economies, and a rising trend of international disputes related to trade in minerals. 1 Against this background, environmental constraints against resource exploration, production, and consumption are also driving the demand for greater resource efficiency.
