Government approves Rs.16,300 crore National Critical Mineral Mission
Government Scheme
4 min read
The government of India has approved the National Critical Mineral Mission, which aims to make the country self-reliant in critical minerals by encouraging the exploration of minerals within India and encouraging Indian companies to acquire mineral blocks outside the country.
The National Critical Mineral Mission was approved by the Union Cabinet in a meeting held in New Delhi on 29 January 2025 and was chaired by Prime Minister Narendra Modi.
The National Critical Mineral Mission was announced by Union Finance Minister Nirmala Sitharaman in her 2024-25 budget speech delivered on 23rd July 2024.
Outlay and Duration of the National Critical Mineral Mission
- The proposed total outlay for the National Critical Mineral Mission is Rs 34.300 crore .
- The central government will provide Rs 16,300 crore for the mission through the union budget while the public sector and private companies are expected to invest Rs 18,000 crore.
- The duration of the Mission is seven years from 2024-25 to 2030-31.
Which Ministry is the nodal body for the Mission?
The Union Ministry of Mines is the apex nodal body for implementing the National Critical Mineral Mission in the country.
Features of the National Critical Mineral Mission
- It seeks to cover the entire value chain in the critical mining sector, including exploration of minerals, mining, beneficiation, processing, and recovery from end-of-life products.
- Aims to create a fast-track regulatory approval process for critical mineral mining projects.
- Provide financial incentives for critical mineral exploration and promote the recovery of these minerals from overburden and tailings.
- Encourage Indian public sector enterprises and private companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries.
- It will encourage the stockpiling of critical minerals within the country.
- It proposes to set up mineral processing parks and support the recycling of critical minerals.
- It proposes to promote research and development in critical mineral technologies and setting up of a Centre of Excellence on Critical Minerals.
What are Critical Minerals?
Critical minerals are those minerals that are considered essential for the national security and economic development of a country.
The government of India has identified 30 minerals -Molybdenum, Antimony, Beryllium, Vanadium, Zirconium, Bismuth, Cobalt, Copper, Gallium, Germanium, Graphite, Niobium, Nickel, PGE, Phosphate, Potash, REE, Rhenium, Hafnium, Indium, Lithium, Silicon, Strontium, Tantalum, Tellurium, Tin, Titanium, Tungsten, Selenium, and Cadmium- as critical minerals.
Recently the Union Ministry of Mines has signed a Memorandum of Understanding (MoU) with the International Energy Agency (IEA) to help improve India’s decision-making capabilities and strategic resource management in the critical mineral sectors.
For Details read. Union Ministry of Mines Sign MoU with IEA on Critical Minerals
