Updated 15:05 IST, January 30th 2025
Amid DeepSeek Rise, India Ups Tech Game with Rs 16000 Crore Plan To Boost National Critical Mineral Mission - Details
The Finance Minister announced the setting up of the Critical Mineral Mission in the Union Budget for 2024-25 on 23rd July 2024.
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The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi , has approved the launch of the National Critical Mineral Mission (NCMM). The idea is to to encourage Public Sector Undertakings (PSUs) and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries.
It will include an expenditure of Rs.16,300 crore and expected investment of Rs.18,000 crore by PSUs, etc.
The Finance Minister announced the setting up of the Critical Mineral Mission in the Union Budget for 2024-25 on 23rd July 2024.
The National Critical Mineral Mission : Details
The National Critical Mineral Mission, 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. Additionally, the mission will offer financial incentives for critical mineral exploration and promote the recovery of these minerals from overburden and tailings.
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 development of stockpile of critical minerals within the country.
The mission includes provisions for setting up of mineral processing parks and supporting the recycling of critical minerals. It will also promote research in critical mineral technologies and proposes setting up 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.
What Are The Advantages Of NCMM?
Prime Minister Narendra Modi on X said that National Critical Minerals Mission aims to reduce import dependence, strengthen domestic value chains and support India’s ‘Net Zero by 2070’ goal.
Critical minerals such as copper, lithium, nickel, cobalt and rare earth elements are essential components in many of today’s rapidly growing clean energy technologies – from wind turbines and electricity networks to electric vehicles, IEA said.
The 30 Critical Minerals
Government has released a list of 30 critical minerals for India in 2023. These minerals are Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, Germanium, Graphite, Hafnium, Indium, Lithium, Molybdenum, Niobium, Nickel, PGE, Phosphorous, Potash, REE,Rhenium, Silicon, Strontium, Tantalum, Tellurium, Tin, Titanium, Tungsten, Vanadium,Zirconium, Selenium and Cadmium.
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Published 14:39 IST, January 30th 2025