National Critical Mineral Mission Approved with ₹34,000 Crore Investment

Under the leadership of Prime Minister Narendra Modi, the Union Cabinet has approved the National Critical Minerals Mission on January 29. The mission is backed by an expenditure of ₹16,300 crores and an expected investment of ₹18,000 crores from public sector enterprises (PSUs). Following the Cabinet meeting, Union Information and Broadcasting Minister Ashwini Vaishnaw stated that the mission's objective is to reduce reliance on the import of critical minerals and ensure self-reliance.

The mission approved by the Cabinet will cover all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products. It will accelerate the exploration of critical minerals within India and its offshore areas. The mission aims to create a fast-track regulatory approval process for critical mineral mining projects.

Additionally, the mission will provide financial incentives for critical mineral exploration and promote the extraction of these minerals from overburden and tailings. As part of the Atmanirbhar Bharat initiative and recognizing the essential role of critical minerals in high-tech industries, clean energy, and defense, the Indian government has taken several measures over the past two years to address challenges in the critical minerals sector.

Finance Minister Nirmala Sitharaman announced the establishment of the National Critical Minerals Mission in the Union Budget 2024-25, aimed at creating an effective infrastructure for India’s self-reliance in the critical minerals sector.

The mission also seeks to encourage Indian public enterprises and private sector companies to acquire critical mineral assets abroad and increase trade with resource-rich countries. The mission includes provisions for the development of domestic critical mineral reserves, the establishment of mineral processing parks, and supporting the recycling of critical minerals.