The Union Cabinet approved the National Critical Mineral Mission (NCMM) with a INR16,300 crore budget. Additionally, there is an INR18,000 crore investment from PSUs.
Strengthening India’s Critical Mineral Sector
Under Atmanirbhar Bharat, the government has launched several initiatives to secure critical minerals essential for high-tech industries, clean energy, and defense. Recognizing the need for self-reliance, the Finance Minister announced NCMM in the 2024-25 Union Budget.
Key Objectives of NCMM
The mission covers mineral exploration, mining, processing, and recovery from end-of-life products. It will accelerate domestic and offshore exploration. Additionally, it will introduce a fast-track regulatory approval process and offer financial incentives for critical mineral projects.
NCMM also encourages PSUs and private companies to acquire critical mineral assets abroad. Consequently, it aims to expand trade with resource-rich nations and develop a domestic stockpile of essential minerals.
Strengthening India’s Critical Mineral Sector
The National Critical Mineral Mission (NCMM) will establish mineral processing parks, support critical mineral recycling, and promote research in advanced technologies. It also plans to set up a Centre of Excellence on Critical Minerals.
Government Collaboration & Policy Reforms
Adopting a whole-of-government approach, NCMM will collaborate with ministries, PSUs, private companies, and research institutions. The Mines and Minerals (Development and Regulation) Act, 1957, was amended in 2023 to boost critical mineral exploration and mining. All in all, the Ministry of Mines has already auctioned 24 strategic mineral blocks. It has also initiated 368 exploration projects, with 195 ongoing in FY 2024-25 and 227 planned for FY 2025-26.
Boosting Innovation & Global Partnerships
The S&T PRISM program, launched in 2023, funds start-ups and MSMEs to bridge the gap between R&D and commercialization. KABIL, a Ministry of Mines JV, has secured 15,703 Ha in Argentina for lithium exploration and mining. Additionally, the removal of customs duties on critical minerals in Budget 2024-25 will boost domestic processing and availability.
To sum up, these initiatives reinforce India’s commitment to securing critical mineral supplies and strengthening its industrial and energy sectors.
Reference
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