The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs 163 billion and an expected investment of Rs 180 billion from PSUs and other stakeholders.
Aligned with the Atmanirbhar Bharat initiative, the mission aims to strengthen India’s self-reliance in critical minerals, crucial for high-tech industries, clean energy, and defence. This move is part of the government’s strategy to address challenges in the critical minerals sector, with a focus on exploration, mining, and processing within India and its offshore areas.
Key features of the mission include:
- Comprehensive value chain coverage: The mission will cover all stages of the value chain, including exploration, mining, beneficiation, processing, and recovery from end-of-life products.
- Regulatory reforms: A fast-track regulatory approval process for critical mineral mining projects and financial incentives for exploration.
- International collaboration: Encouraging Indian PSUs and private companies to acquire critical mineral assets abroad and fostering trade with resource-rich countries.
- Infrastructure development: Proposals for setting up mineral processing parks, promoting recycling, and supporting research on critical mineral technologies, including a Centre of Excellence.
- Innovation and commercialization: Launching the S&T PRISM program to fund start-ups and MSMEs to bridge the gap between R&D and commercialization.
The Mines and Minerals (Development and Regulation) Act, 1957 was amended in 2023 to support increased exploration and mining of critical minerals, and the Geological Survey of India (GSI) has undertaken numerous exploration projects.
Additionally, KABIL, a JV of the Ministry of Mines, has secured a 15703 Ha area in Argentina for lithium exploration and mining.
The government has also eliminated customs duties on most critical minerals, further promoting domestic processing and availability.