Consider the following statements:
1. India has the largest reserves of rare earths in world
2. India has largest reserves of Thorium in world
Which among the above statements is / are correct?
China holds the leading position among producers of rare earths followed by Brazil, Malaysia and India. Though China is having only 37% reserves of rare earths, it produces around 97% of world’s supply of rare earth. In India, monazite and thorium are the principal source of rare earths elements. Monazite is a prescribed substance as per the notification under the Atomic Energy Act, 1962. AMD has been carrying out its resource evaluation for over five decades. India consumed about 200 tonnes of rare earth products in 2004.The country imports all its current requirements from China and mostly uses rare earths is referred as consumer goods industries, petroleum refineries and car industry.
This question is a part of GKToday's Integrated IAS General Studies Module