India-Sri Lanka to Strengthen Ties on Critical Minerals
Context:
Recently, the Government of India and the Government of Sri Lanka, had discussions on improving the bilateral cooperation between the two nations in mineral exploration and mining to secure critical minerals for future economic and industrial growth.
Relevance:
GS-02 (Government policies and interventions)
Critical Minerals of India:
- About: Critical minerals are those minerals that are very important for economic development and national security. They are predominantly used in high-tech electronic manufacturing, the telecommunications industry, transport, and the defence sector. The reduced availability of these minerals may disrupt the entire supply chain and even affect supplies.
- India has identified 30 critical minerals as very important. These 30 critical 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.
- These minerals were identified as ‘critical minerals for India’ based on a report by an Expert Committee of the Ministry of Mines.
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.
