Union Cabinet approved the launch of the National Critical Mineral Mission (NCMM)

The Union Cabinet has approved the launch of the National Critical Mineral Mission (NCMM), which was announced in the Union Budget for 2024-25.

Key Features of NCMM:

• Objective: To encourage Indian public sector undertakings (PSUs) and private companies to acquire critical mineral assets abroad and strengthen trade with resource-rich countries.
• Cost: The mission has an expenditure of Rs. 16,300 crore, with an expected investment of Rs. 18,000 crore from PSUs and others.
• Exploration: The mission aims to intensify the exploration of critical minerals both within India and in offshore areas.
• Scope: It covers all stages of the value chain, including exploration, mining, beneficiation, processing, and recovery from end-of-life products.
• Financial Incentives: Incentives will be provided for the exploration of critical minerals.
• Coordination: The mission will coordinate with relevant ministries, PSUs, private companies, and research institutions.
• Additional Initiatives: The mission will include setting up mineral processing parks, centers of excellence, recycling critical minerals, fast-tracking regulatory approvals for projects, and developing a stockpile of critical minerals.

Need for NCMM:

• Self-Reliance: To boost India’s self-reliance and reduce dependence on imports.
• Economic Growth & Clean Energy Transition: To drive economic growth and support the transition to clean energy.

Critical Minerals:

• Definition: Minerals vital for economic development and national security, as defined by the Ministry of Mines.
• Supply Chain Risks: The scarcity or concentration of critical mineral extraction or processing in a few regions can cause supply chain vulnerabilities and disruptions.
• The Government of India has identified 30 critical minerals, including Cobalt, Copper, Germanium, Lithium, and Tungsten.

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