India Launches National Critical Mineral Mission

The Indian government has taken a significant step towards self-reliance in the critical minerals sector. The Union Cabinet, led by Prime Minister Narendra Modi, has approved the National Critical Mineral Mission (NCMM). This initiative comes with a budget of โ‚น16,300 crore and anticipates an additional investment of โ‚น18,000 crore from public sector undertakings (PSUs) and other sources. The mission is part of the Atmanirbhar Bharat initiative, which aims to bolster India’s economy and reduce dependency on foreign resources.

Critical minerals play a vital role in high-tech industries, clean energy solutions, and defense applications. Recognizing their importance, the government has initiated various measures over the past two years to tackle challenges in this sector. The NCMM aims to create a robust framework for mineral exploration, mining, and processing, ensuring that India can meet its growing demand for these essential resources.

Objectives of the National Critical Mineral Mission

The National Critical Mineral Mission aims to cover all stages of the mineral value chain. This includes mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products. The mission seeks to intensify the exploration of critical minerals both on land and in offshore areas. One of its primary goals is to establish a fast-track regulatory approval process for critical mineral mining projects.

Additionally, the mission will provide financial incentives to encourage exploration and promote the recovery of critical minerals from overburden and tailings. By streamlining the regulatory process and offering financial support, the government hopes to attract more investments in the critical minerals sector. This initiative will not only enhance domestic production but also reduce reliance on imports, thereby strengthening India’s economic independence.

Encouraging Domestic and International Collaboration

The NCMM encourages Indian public sector undertakings and private companies to acquire critical mineral assets abroad. This strategy aims to enhance trade relations with resource-rich countries. By developing a stockpile of critical minerals within India, the mission seeks to ensure a steady supply for various industries.

Moreover, the mission includes plans to establish mineral processing parks and support the recycling of critical minerals. These initiatives will promote sustainable practices and reduce waste in the mining sector. The government also aims to foster research in critical mineral technologies by proposing the establishment of a Centre of Excellence on Critical Minerals. This collaborative approach will involve relevant ministries, PSUs, private companies, and research institutions working together to achieve the mission’s objectives.

Recent Developments and Future Prospects

In 2023, the Mines and Minerals (Development and Regulation) Act was amended to facilitate increased exploration and mining of critical minerals. The Ministry of Mines has already auctioned 24 blocks of strategic minerals. The Geological Survey of India (GSI) has undertaken 368 exploration projects for critical minerals over the past three years, with 195 projects currently active in the fiscal year 2024-25.

Looking ahead, GSI plans to initiate 227 projects for various critical minerals in the fiscal year 2025-26. To promote innovation, the Ministry launched the Science and Technology – Promotion of Research and Innovation in Start-ups and MSMEs (S&T PRISM) program in 2023. This initiative aims to bridge the gap between research and commercialization by funding start-ups and MSMEs. Additionally, KABIL, a joint venture of the Ministry of Mines, has acquired approximately 15,703 hectares in Argentina for lithium exploration and mining.

The Indian government has also eliminated customs duties on most critical minerals in the Union Budget for 2024-25. This move is expected to increase the availability of critical minerals in the country and encourage industries to set up processing facilities domestically. These initiatives underscore India’s commitment to securing a stable supply of critical minerals for its future growth.

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