The Union Cabinet on Wednesday approved the National Important Mineral Mission of Rs 34,000 crore. Its objective is to encourage the Indian and private sector companies to encourage the acquisition of important mineral wealth in other countries, increase trade with resource -rich countries and storing it in India.
The mission, to be implemented by the Ministry of Mines for 7 years by FY 2031, will cost Rs 16,300 crore, including a budget support of Rs 2600 crore. Along with this, public sector enterprises (PSUs) are expected to spend Rs 18,000 crore on this scheme. It aims to formulate a comprehensive strategy to achieve self -sufficiency in important minerals, including exploration, mining, benefits, processing, processing, processing, processing, processing, processing, processing and recovery of important minerals.
Along with increasing the exercise of investigation, this mission will provide financial incentive for important mineral exploration. It will also promote the recovery of these minerals through overburdons and tailings. Apart from this, arrangements will be made to give rapid regulatory approval to mining projects.
The Center has set a target of auctioning 1,200 exploration projects by FY 2031, with more than 100 blocks of important mineral resources. Due to lack of spusties about the status of the store, the huge cost of investment in exploration, capable investors have so far avoided participating in the bidding process.
Look at foreign reserves
There is special attention to resources located abroad. The details issued by the Ministry of Mining said, ‘The government will encourage central public sector undertakings and private sector companies to allocate funds for the acquisition of important mineral assets abroad and issue necessary guidelines by central public sector Undertakings will empower their joint enterprises and subsidiaries to invest abroad. ‘
The government will provide target subsidies to establish a infrastructure related to mining and its transportation. The joint venture of the government’s mining companies Minerals Foreign India Limited (Kaabil) has acquired Brine Type Lithium Assets in Argentina.
At the same time, the central government has targeted to compromise important mineral partnership with resource -rich countries. The ministry also said that the current trade agreements of interested countries will also include an important mineral -related chapter.
The mission also has a provision to cooperate in recycling important minerals along with the provision of establishing mineral processing parks. To encourage research in this sector, the government will support patent filing proceedings for innovations and startups and will establish Center of Excellence for important minerals.
The government released the first list of important minerals in July 2023. It focuses on resources such as Rare Earth Material (REE), Lithium, Molibdenum, Potash, Tungsten, and Graphite. Other important minerals, including these minerals, are required for strategic industries such as electronics, telecommunications, transport, agriculture, defense, medicine and green energy changes according to important emerging techniques.
The government amended the Mines and Minerals (Development and Regulation) Act, 1957 in 2023 to explore and promote mining of important minerals. After this amendment, auction of 24 of the 49 blocks of minerals with strategic importance was offered. These include major resources such as lithium, graphite, phosphorite and gluconite. The Geological Survey of India (GSI) has launched 368 investigation projects for important minerals in the last 3 years, out of which 195 projects are going on in FY 2025. The ministry has said that GSI will start 227 projects for important minerals in the next financial year.