NewsGate Press Network

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday the 29th January 2025 approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs 16,300 crore and expected investment of Rs 18,000 crore by state-owned companies among others.

The Mission will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.

It will intensify the exploration of critical minerals within the country and in its offshore areas.

It aims to create a fast track regulatory approval process for critical mineral mining projects. Additionally, the mission will offer financial incentives for critical mineral exploration and promote the recovery of these minerals from overburden and tailings.

“The mission aims to encourage Indian PSUs and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. It also proposes development of stockpile of critical minerals within the country,” an official statement said.

The mission includes provisions for setting up of mineral processing parks and supporting the recycling of critical minerals. It will also promote research in critical mineral technologies and proposes setting up Centre of Excellence on Critical Minerals.

“Adopting a whole-of-government approach, the Mission will work closely with relevant ministries, PSUs, private companies, and research institutions to achieve its objectives,” the statement said.

The statement noted that there is a need to establish an effective framework for India’s self-reliance in the critical mineral sector.

“As part of the Atmanirbhar Bharat initiative, and recognizing the indispensable role of critical minerals in high-tech industries, clean energy, and defense, the Government of India has undertaken several initiatives over the past two years to address challenges in the critical minerals sector,” it said.