The government unveiled its plans to introduce financial incentives aimed at advancing the development of essential minerals, including lithium. During the Budget Seminar on the National Critical Minerals Mission, Veena Kumari Dermal, Joint Secretary of the Mines Ministry, outlined the government’s strategy. She emphasized that the initiative would also prioritize securing loans from international financial institutions to bolster the sector’s growth.
The government is committed to fostering global research and development collaborations throughout the critical minerals value chain. This includes encouraging partnerships with international entities to advance innovation and technological progress in the field.
In addition, to boost participation from both public and private sector companies in India, the government will offer specific subsidies. These subsidies will support the acquisition of mineral assets overseas and assist in establishing essential infrastructure for mineral evacuation.
The Mines Ministry plans to collaborate closely with the Ministry of External Affairs (MEA) to facilitate the development of this crucial infrastructure. This joint effort will ensure that the necessary support is provided for the effective transportation and management of mineral resources.
The Union Budget for 2024-25 proposed the launch of the Critical Minerals Mission, which aims to enhance domestic production, promote the recycling of critical minerals, and secure foreign assets related to these minerals. The mission’s goal is to safeguard the nation’s critical mineral supply chain by ensuring a stable supply from both domestic and international sources.
Additionally, the Critical Minerals Mission seeks to strengthen the value chains associated with these minerals. This involves improving technological capabilities, regulatory frameworks, and financial systems to foster innovation. The mission also aims to promote skill development and enhance global competitiveness in areas such as mineral exploration, mining, beneficiation, processing, and recycling.
The National Critical Minerals Mission aims to enhance the domestic production, recycling, and international acquisition of essential minerals like lithium. It focuses on strengthening the critical mineral supply chain through financial incentives, global R&D collaborations, and targeted subsidies. The mission seeks to improve technological, regulatory, and financial frameworks to foster innovation and competitiveness in the sector.
