(MENAFN- KNN India)
New Delhi, Jan 30 (KNN) The Union Cabinet, under Prime Minister Narendra Modi's chairmanship, has approved the National Critical Mineral Mission, a comprehensive initiative designed to establish India's self-reliance in critical minerals essential for the renewable energy sector.
The mission, announced with a combined investment of Rs 34,300 crore, including Rs 16,300 crore in government expenditure and Rs 18,000 crore from state-owned companies and private investors, aligns with the Critical Mineral Mission outlined in the Union Budget 2024-25.
Union Minister Ashwini Vaishnaw, who handles the Railways, Information & Broadcasting, and Electronics & IT portfolios, announced that the mission will focus on 24 critical minerals crucial for various industries, including electronics, telecommunications, defense, aerospace, agriculture, and transport.
These minerals, which include Beryl, Cobalt, Cadmium, Lithium, Graphite, Nickel, and Selenium, are particularly vital for India's energy transition and development of a low-carbon economy.
The mission's scope encompasses the entire mineral value chain, from exploration and mining to beneficiation, processing, and recovery from end-of-life products.
It aims to streamline regulatory approvals for mining projects while providing financial incentives for exploration activities. Additionally, the initiative will promote mineral recovery from overburden and tailings, establishing mineral processing parks and supporting recycling efforts.
The government plans to develop domestic stockpiles of critical minerals and establish a Centre of Excellence for related research and technology development.
Recent legislative changes have already set the groundwork for this initiative. The Mines and Minerals (Development and Regulation) Act amendment in 2023 has facilitated increased exploration and mining activities, leading to the auction of 24 strategic mineral blocks.
The Geological Survey of India has undertaken 368 exploration projects over the past three years, with 195 currently active and 227 new projects planned for FY 2025-26.
In a significant international development, KABIL, a Ministry of Mines joint venture, has acquired 15,703 hectares in Argentina's Catamarca province for lithium exploration and mining.
According to Rishabh Jain, Senior Programme Lead at the Council on Energy, Environment and Water (CEEW), the mission could significantly enhance India's competitive capabilities in mineral processing, recycling, and foreign resource acquisition.
The initiative, coupled with recent customs duty eliminations on critical minerals and streamlined forest area survey approvals, demonstrates India's commitment to securing critical mineral supplies and supporting its growing clean energy manufacturing sector.
(KNN Bureau)
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