India To Launch Rs 15,000-20,000 Crore Push For Critical Minerals Mission

(MENAFN- KNN India) New Delhi, Jan 29 (KNN) India is preparing to unveil a major Rs 15,000-20,000 crore initiative for the National Critical Minerals Mission (NCMM), aimed at securing vital resources such as lithium, crucial for the country's shift towards green technologies like electric vehicles (EVs), semiconductors, and other advanced industries.

Lithium, along with 23 other minerals like molybdenum, nickel, rare earth elements, and vanadium, forms the backbone of the nation's future tech ambitions. To ensure a steady supply, the NCMM will focus on exploration, domestic mining, and global sourcing.

The plan includes auctioning approximately 100 critical mineral blocks, expanding offshore mining efforts, and supporting exploration ventures.

The Geological Survey of India (GSI) has already launched 195 critical mineral exploration projects in 2024-25, with 40 blocks set for auction.

Alongside this, financial strategies and fiscal incentives are being structured, particularly to attract junior mining companies.

International financial institutions such as the World Bank and the Asian Development Bank are also expected to participate in the funding.

The mission also includes establishing critical mineral processing parks, boosting R&D, and investing in human resource development.

To maximize mineral recovery, the government is exploring regulatory changes to extract critical minerals from tailings, fly ash, and existing mines.

Additionally, efforts are underway to negotiate bilateral agreements to enhance trade and supply chains as part of ongoing free trade agreement (FTA) discussions.

The NCMM, first announced in the July 2024 Budget, will be managed by an Empowered Committee, chaired by the Cabinet Secretary, overseeing investments both domestically and abroad.

By FY31, the mission aims to secure up to 50 overseas critical mineral mines and blocks, split between public and private sectors.

The plan also targets 1,000 patents, a skilled workforce of 10,000, and the establishment of processing parks and centers of excellence.

These ambitious goals will be refined as final scheme guidelines are put into place, marking a pivotal moment in India's push for energy independence and technological self-reliance.

(KNN Bureau)

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