The government announced on Wednesday its intention to offer financial incentives to support the development of critical minerals, such as lithium.
During the Budget Seminar on the National Critical Minerals Mission, Mines Joint Secretary Veena Kumari Dermal highlighted plans to prioritize securing loans from multilateral financial institutions for advancing the sector.
Enhanced focus on global R&D collaboration throughout the critical minerals value chain is also on the government's agenda.
Targeted subsidies will be provided for mining and establishing evacuation infrastructure to promote participation from Indian public and private sector companies in acquiring overseas assets.
The Mines Ministry will collaborate closely with the Ministry of External Affairs (MEA) to facilitate the development of mineral evacuation infrastructure.
The Union Budget 2024-25 proposed the launch of the Critical Mineral Mission, which aims to promote domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets.
The Critical Minerals Mission aims to ensure the country's critical mineral supply chain by securing mineral availability from both domestic and foreign sources.
Additionally, it seeks to strengthen the value chains by improving technological, regulatory, and financial ecosystems to encourage innovation, skill development, and global competitiveness in mineral exploration, mining, beneficiation, processing, and recycling.
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