Critical Mineral Mission
Context
Recently, the Union Cabinet approved the National Critical Mineral Mission (NCMM).
- The mission was approved with a total expenditure of ₹16,300 crore and ₹18,000 crore investment expected from PSUs and private sectors.
- The mission aligns with the Atmanirbhar Bharat initiative to reduce import dependency on critical minerals vital for high-tech industries, clean energy, and defence.
Relevance:
GS02 (Government policies and interventions)
Key Highlights
- The mission plans to cover the entire value chain: exploration, mining, beneficiation, processing, and recycling.
- The mission enhances faster regulatory approvals for critical mineral mining projects and other financial incentives for exploration and processing.
- It also plans to eliminate customs duties on most critical minerals.
National Critical Mineral Mission (NCMM):
- The mission aims to enhance India’s self-reliance in critical mineral resources.
- Currently, India imports over 40% of six critical minerals from China.
- The mission comes under the Ministry of Mines.
- Key Features of the National Critical Mineral Mission (NCMM)
- End-to-End Value Chain Focus: encompasses all stages, including exploration, mining, processing, beneficiation, and recycling of critical minerals.
- Financial Support: Provides incentives for sustainable mineral recovery and exploration initiatives.
- Strategic Reserves: Establishes a national stockpile of critical minerals to ensure long-term supply security.
- Global Collaboration: Promotes investments by PSUs and private companies in overseas mining projects to secure essential resources.
- Legislative Framework: Backed by amendments to the Mines and Minerals (Development and Regulation) Act, 1957, made in 2023, to streamline exploration and mining operations.
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