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New Delhi: The Central government is planning to offer financial incentives for the development of processing facilities for critical minerals, like Lithium, acquisition of critical mineral mines overseas and their exploration, said Joint Mines Secretary Veena Kumari Dermal. All these measures being considered by the government are aimed at placing India on the global map for critical minerals and securing a reliable supply chain for the domestic industry so that the country could develop renewable energy technologies, all of which use critical minerals.
In addition to supporting the industry, the government is also planning to offer funding to research institutes for giving technical assistance to miners. The initiative could cost USD 50 million, said the Joint Secretary while speaking at a Budget seminar on the National Critical Minerals Mission in New Delhi on Wednesday.
The statement comes after the government’s efforts to auction critical mineral blocks failed to garner as much interest as was anticipated. In June, the Ministry of Mines granted development rights for a Lithium block in Chhattisgarh, but a similar attempt in Jammu and Kashmir failed to attract interest due to financial feasibility concerns.
The Union Budget 2024-25 had proposed launching the National Critical Minerals Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. The Mission aims to secure the country’s critical mineral supply chain by ensuring mineral availability from domestic and foreign sources.
It also aims to strengthen the value chains by enhancing technological, regulatory, and financial ecosystems to foster innovation, skill development, and global competitiveness in mineral exploration, mining, beneficiation, processing, and recycling.
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