The government of India has approved a major new plan, the National Critical Minerals Mission (NCMM), with a budget of Rs 16,300 crore. This plan is aimed at exploring and developing critical minerals both within India and in offshore areas. The decision was made by the Union Cabinet, chaired by Prime Minister Narendra Modi.
Minister for Information and Broadcasting Ashwini Vaishnaw explained that the mission’s goal is to reduce India’s reliance on imports of critical minerals and ensure the country becomes self-reliant in this area. The NCMM will cover the entire process of critical mineral production, from exploration, mining, and processing to the recovery of these minerals from products at the end of their life.
One important part of the mission is creating a faster approval process for mining projects related to these critical minerals. Additionally, it will offer financial incentives to encourage exploration and promote recovery of these minerals from mining waste.
The mission also focuses on encouraging both public and private Indian companies to acquire critical mineral resources from other countries and improve trade relationships with nations rich in these minerals. Finally, the NCMM will support the creation of a stockpile of these important resources within India.
Objectives of the National Critical Minerals Mission (NCMM):
- Ensure Mineral Availability: The mission aims to secure India's supply of important minerals by making sure they are available from both domestic (within India) and foreign (from other countries) sources.
- Strengthen the Value Chain: The mission wants to improve the whole process involved in working with minerals. This includes areas like technology, rules, and financial support. The goal is to encourage innovation, help people develop new skills, and make India more competitive on a global level in tasks like exploration, mining, processing, and recycling of minerals.