Who Actually Captures the India–US Minerals Alliance?

The 26 May 2026 India–US critical-minerals framework is read as a mining deal. It is better understood as a midstream deal: the leverage sits in separation, refining and magnets — roughly 85–92% controlled by China — not in reserves. Using a proprietary four-chokepoint framework, this report scores India sector by sector — semiconductors, electronics, defence, EVs, energy and AI infrastructure — and asks who actually captures the value as the alliance moves from signature to execution.