♓According to a release by the mines ministry, public sector enterprises are expected to contribute Rs 18,000 crore to the mission which aims at promoting exploration of critical minerals within the country and at offshore locations.
ꦆThe government on Wednesday approved a Rs 16,300-crore National Critical Mineral Mission, envisaging a total outlay of Rs 34,300 crore spread over seven years, with an aim to achieve self-reliance and accelerate India's journey towards green energy transition.
𒉰According to a release by the mines ministry, public sector enterprises are expected to contribute Rs 18,000 crore to the mission which aims at promoting exploration of critical minerals within the country and at offshore locations.
🌠Critical minerals such as copper, lithium, nickel, cobalt and rare earth are essential raw materials required to fuel the growth of rapidly-growing clean energy technologies and their expanding uses ranging from wind turbines and electricity networks to electric vehicles and battery manufacturing.
🅷Demand for these minerals is growing with clean energy transitions gathering momentum worldwide.
🉐Briefing the media after the Cabinet meeting, information and broadcasting minister Ashwini Vaishnaw said that the mission aims to reduce the dependence on import of critical minerals and ensure self-reliance.
❀"This mission is of Rs 16,300 crore," he said, adding that 24 critical minerals have been identified.
🔴Stating that the critical mineral is essential for the economy, the minister said that major objectives of this mission are to increase exploration, reduce import dependence, acquire mineral blocks overseas, develop technologies for processing of critical minerals and recyle the minerals.
💛A comprehensive plan, he said, is made in this mission.
🍌"The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs 16,300 crore and expected investment of Rs 18,000 crore by PSUs, etc," the ministry said.
🍨The NCMM will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.
ꩲThe mission will intensify the exploration of critical minerals within the country and in its offshore areas.
ꦆIt aims to create a fast-track regulatory approval process for critical mineral mining projects. Additionally, the mission will offer financial incentives for critical mineral exploration and promote the recovery of these resources from overburden and tailings.
꧂The mission aims to encourage Indian public sector enterprises and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. It also proposes development of stockpile of critical minerals within the country.
𒁏The mission includes provisions for setting up of mineral processing parks and supporting the recycling of critical minerals. It will also promote research in critical mineral technologies and proposes setting up Centre of Excellence on Critical Minerals.
♌Adopting a whole-of-government approach, the mission will work closely with relevant ministries, PSUs, private companies, and research institutions to achieve its objectives.
♔In a bid to augment the exploration and mining of critical minerals, the government had in 2023 amended the Mines and Minerals (Development and Regulation) Act, 1957. Consequently, 24 blocks of strategic minerals were auctioned.
𒐪Further, Geological Survey of India (GSI) has undertaken 368 exploration projects for critical minerals over the past three years, with 195 projects currently underway in 2024-25.
🐈In 2025-26, GSI will take up 227 projects for various critical minerals.
꧃The Centre has already eliminated customs duties on a majority of critical minerals in the FY25 budget to increase the availability of critical mineral in the country and encourage the industry to set up processing facilities in India.
𒀰These initiatives highlight the country's commitment to secure the supply of critical minerals.