About MSFN

• • The Minerals Security Finance Network (MSFN) is a new US-led network which aims to bolster collaboration on securing critical mineral supply chains. 

• There is no global definition of critical minerals, but essentially, they are mineral deposits with high economic vulnerability and high global supply chain risk.

• The network aims to bring together institutions from the Indo-Pacific region and Europe, promoting cooperation, information exchange, and co-financing to secure supply chains for critical minerals. 
• MSFN stems from the Minerals Security Partnership (MSP), a framework established by the US in 2022. India was inducted to the MSP in 2023.

Why in News?

• India has formally joined the Minerals Security Finance Network.
• The announcement, made by the US State Department on the margins of the United Nations General Assembly on September 23, involved a pact entered by 14 countries and the European Union. 

India’s critical mineral ambitions

• India’s participation in this initiative is part of a broader effort to diversify and secure its supply of critical minerals from countries such as Argentina, Chile, Australia, and certain African states. 
• Kazakhstan, in Central Asia, is also being considered as a potential source for India’s mineral needs.
• This partnership with the US-led network marks a critical step forward for India in its quest to reduce reliance on China for these minerals and build a robust, self-sustaining supply chain for its green energy initiatives.

https://www.business-standard.com/external-affairs-defence-security/news/india-joins-us-led-security-finance-network-to-secure-critical-minerals-124092500333_1.html