India plans to maximise the auction of critical mineral blocks by 2031, advancing its strategic push to secure domestic supply chains for minerals essential to the country's green energy and technology sectors.
Speaking at a FICCI conference, 'Critical Minerals Matrix', Union Minister of State for Mines and Coal, Satish Chandra Dubey, outlined the government's strategic approach to reducing import dependency for critical minerals.
The announcement follows the recent launch of the National Critical Minerals Mission, which has allocated Rs 34,300 crore over seven years to strengthen India's position in the critical minerals sector.
"The government has already auctioned 24 critical mineral blocks domestically, and we aim to auction as many critical mineral blocks as possible by 2031," the minister said.
The initiative forms part of a broader strategy to enhance India's mineral security and reduce vulnerability to international supply chain disruptions.
The minister emphasised the role of public-private partnerships in achieving these objectives.
"We must work as complementary partners and as a team to build a self-reliant India," Minister Dubey stated, urging increased private sector involvement in mineral exploration and extraction activities.
The announcement comes amid growing concerns about critical mineral supply chains, particularly for materials essential to electric vehicles, electronics manufacturing, and renewable energy systems.
Critical minerals are those minerals that are essential for economic development and national security.
In June 2023, India has identified at least 30 critical minerals taking into account its requirements for sectors like defence, agriculture, energy, pharmaceutical, and telecom and in line with its Atmanirbar (self-reliance) roadmap.
Those critical minerals were Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, Germanium, Graphite, Hafnium, Indium, Lithium, Molybdenum, Niobium, Nickel, PGE, Phosphorous, Potash, REE, Rhenium, Silicon, Strontium, Tantalum, Tellurium, Tin, Titanium, Tungsten, Vanadium, Zirconium, Selenium, and Cadmium. They are expected to serve as a guiding framework for policy formulation, strategic planning and investment decisions in the mining sector.
At the conference today, Jyoti Vij, Director General, FICCI, highlighted the economic significance of critical minerals.
She emphasised that the launch of the National Critical Minerals Mission was timely, coinciding with increased budget emphasis on critical minerals, and would help boost production, recycling, and global acquisition of critical mineral assets to reduce dependence on imports and secure stable supply chains.
Vij announced the constitution of the FICCI Committee on Critical Minerals, which will work closely with the government and the industry stakeholders to address sector issues and leverage opportunities.
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