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NIFTY BANK 49,570.10 up stock 482.80 (0.98%)
NIFTY AUTO 21,809.15 Down stock -9.75 (-0.04%)
NIFTY FMCG 52,360.45 Down stock -120.05 (-0.23%)
NIFTY IT 40,924.25 Down stock -540.10 (-1.30%)
NIFTY MEDIA 1,493.70 up stock 21.05 (1.43%)
NIFTY METAL 8,359.20 up stock 103.60 (1.25%)
NIFTY PHARMA 20,820.00 Down stock -149.20 (-0.71%)
NIFTY PRIVATE BANK 24,778.10 up stock 277.50 (1.13%)
NIFTY REALTY 845.95 up stock 13.90 (1.67%)
NIFTY OIL & GAS 10,045.60 up stock 73.55 (0.74%)
NIFTY COMMODITIES 7,839.00 up stock 57.15 (0.73%)
NIFTY ENERGY 31,198.50 up stock 349.45 (1.13%)
LEADMINI 188 up stock 0.20 (0.11%)
ZINCMINI 261.25 up stock 0.25 (0.1%)
SILVERMIC 89730 up stock 72.00 (0.08%)
GOLDGUINEA 59188 up stock 50.00 (0.08%)
GOLDM 72900 up stock 28.00 (0.04%)
COTTONCNDY 56540 up stock 20.00 (0.04%)
SILVER 89675 up stock 29.00 (0.03%)
CRUDEOIL 6609 Down stock -237.00 (-3.46%)
NATURALGAS 177.5 Down stock -0.30 (-0.17%)
NATGASMINI 177.5 Down stock -0.30 (-0.17%)
MENTHAOIL 942.2 Down stock -1.20 (-0.13%)
ZINC 260.7 Down stock -0.25 (-0.1%)
ALUMINIUM 220.5 Down stock -0.20 (-0.09%)
LEAD 187 Down stock -0.10 (-0.05%)

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.

Reported by: Business Desk
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Amid DeepSeek Rise, India Ups Tech Game with Rs 16K Cr Mineral Boost
Amid DeepSeek Rise, India Ups Tech Game with Rs 16K Cr Mineral Boost | Image: Republic

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