The Ministry of Mines, India, is set to organize a pivotal outreach program focusing on the critical role of minerals in bolstering the manufacturing sector. The event, scheduled for 29th November 2023 at Bharat Mandapam, Pragati Maidan, New Delhi, aims to propel India’s manufacturing industry to new heights by strengthening the critical mineral supply chain.
The program, titled “Role of the Government and Industry in Driving the Global Action of Critical Minerals,” will convene a diverse group of participants, including Ambassadors, Mission Heads from various countries, and representatives of businesses in India. This congregation of global and national stakeholders underscores the significance of critical minerals in revolutionising the manufacturing sector, especially against the backdrop of India’s G20 presidency.
India’s G20 presidency has been a hallmark of its global leadership, with the country playing a vital role in advancing discussions on inclusive growth, digital innovation, climate resilience, and equitable global health access. A notable outcome of this presidency is the inclusion of a dedicated paragraph on Critical Minerals in the G20 New Delhi Leaders’ Declaration, reflecting the importance of these minerals in the global context.
The Ministry of Mines has been an active contributor to the Energy Transition Working Group (ETWG) within G20, advocating the crucial role of critical minerals in energy transitions. In line with the New Delhi Leaders’ Declaration, the Ministry is spearheading efforts to integrate India’s narrative into future G20 work, with the upcoming outreach program being a key step in this direction.
India’s approach to critical minerals is multifaceted, targeting both domestic and international fronts. Domestically, the Ministry has amended the MMDR Act to facilitate the auction of 24 identified critical minerals by the Central Government. This move, effective from 17th August 2023, aims to attract junior mining companies to India, focusing on the exploration of critical and deep-seated minerals. The initiative is bolstered by financial incentives of up to 25% of the approved cost of exploration, provided through the National Mineral Exploration Trust (NMET).
The Ministry’s efforts extend to developing a comprehensive policy for critical minerals, which will include a roadmap for enhancing the supply chain and identifying the roles of various government ministries. Additionally, the Ministry is formulating a strategy for metal recycling, aiming to augment recycling capabilities and streamline the process. This strategy will complement efforts to co-develop mineral processing and raw material manufacturing capabilities with partner countries.
Internationally, India is engaging in partnerships and alliances, such as the Minerals Security Partnership (MSP) and the Australia-India Economic Cooperation and Trade Agreement (ECTA), to build a resilient critical minerals value chain. These collaborations are integral to the nation’s strategy to fortify its manufacturing sector through improved access to and utilization of critical minerals.
The Ministry’s coordination with the Council on Energy, Environment and Water (CEEW) in conducting a virtual session on “Decoding G20 consensus on critical minerals for energy transition” further exemplifies its commitment to this cause. As India continues to assert its leadership in the global arena, the Ministry of Mines’ outreach program represents a significant step towards enhancing the country’s manufacturing sector through a strategic focus on critical minerals, positioning India as a key player in the global supply chain and manufacturing landscape.
