Context:
The Indian Cabinet has cleared the National Critical Mineral Mission, with an outlay of Rs.34,300 crore, focusing on attaining self reliance in critical minerals. The ministry will implement this mission over the next seven years i.e. from 2024 to 2031 concentrating on the full value chain from exploration to recovery of critical minerals.
- Ministry
- Ministry of Mines
Key Highlight:
- Total Investment
- Rs.34,300 crore including Rs.16300 crore government outlay 2600 crore budgetary support and 18000 crore expected from public sector undertakings PSUs.
- Mission Goals
- Enhance exploration efforts and support mining of critical minerals.
- Focus on beneficiation processing and recovery of critical minerals.
- Create a self reliant strategy for critical minerals in India.
- Incentives Approvals
- Incentives for exploration and recovery from overburden and tailings in terms of financial.
- Fast track regulatory approval process for mining projects.
- Target 1200 exploration projects and over 100 critical mineral blocks for auction by FY31.
Focus on Foreign Resources
- Overseas Acquisitions
- The government will encourage PSUs and private companies to acquire critical mineral assets abroad including lithium deposits in Argentina.
- International Partnerships
- Building of critical mineral partnerships with resource rich countries and the incorporation of critical minerals in trade agreements.
Supporting Infrastructure and Innovation
- Establish mineral processing parks and promote recycling of critical minerals.
- Facilitate research and innovation, filing patents and developing a Centre of Excellence on Critical Minerals.
Source: The Hindu
