New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the launch of the National Critical Mineral Mission with an outlay of Rs 16,300 crore and expected investment of Rs 18,000 crore by public sector undertakings (PSUs).
Briefing the media after the Cabinet meeting, Union Minister for Information and Broadcasting Ashwini Vaishnaw said that the mission aims to reduce the dependence on the import of critical minerals and ensure self-reliance.
The National Critical Mineral Mission, approved by the Union Cabinet, will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.
The mission will intensify the exploration of critical minerals within the country and in its offshore areas. It aims to create a fast-track regulatory approval process for critical mineral mining projects, according to an official statement.
Additionally, the mission will offer financial incentives for critical mineral exploration and promote the recovery of these minerals from overburden and tailings.
As part of the Atmanirbhar Bharat initiative, and recognising the indispensable role of critical minerals in high-tech industries, clean energy, and defence, the Indian government has undertaken several initiatives over the past two years to address challenges in the critical minerals sector.
Finance Minister Nirmala Sitharaman announced the setting up of the Critical Mineral Mission in the Union Budget for 2024-25 on July 23, 2024, to establish an effective framework for India’s self-reliance in the critical mineral sector.
The mission aims to encourage Indian PSUs and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. It also proposes the development of a stockpile of critical minerals within the country.
The mission includes provisions for setting up mineral processing parks and supporting the recycling of critical minerals.
It will also promote research in critical mineral technologies and proposes setting up a 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.
Mines and Minerals (Development and Regulation) Act, 1957, has been amended in 2023 to increase the exploration and mining of critical minerals.
Consequently, the Ministry of Mines has 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 underway in FS 2024-25.
For FY 2025-26, GSI is going to take up 227 projects for various critical minerals.
To foster innovation, the Ministry launched the Science and Technology — Promotion of Research and Innovation in Start-ups and MSMEs (S&T PRISM) program in 2023, funding start-ups and MSMEs to bridge the gap between R&D and commercialisation.
Moreover, KABIL, a Joint Venture of the Ministry of Mines, has acquired an area of about 15,703 hectares in the Catamarca province of Argentina, for exploration and mining of Lithium.
The Indian government has already eliminated customs duties on the majority of critical minerals in the Union budget 2024-25. This will increase the availability of critical minerals in the country and will encourage the industry to set up processing facilities in India. These initiatives highlight India’s commitment to securing critical mineral supplies, the statement added.
(IANS)
