Union Cabinet Approves Launch of INR 16,300 Crore National Critical Mineral Mission
The Union Cabinet has approved the National Critical Mineral Mission (NCMM) with an expenditure of INR 16,300 crore and an expected investment of INR 18,000 crore to secure essential minerals for clean energy technologies, boosting domestic exploration, mining, and processing.
January 29, 2025. By Mrinmoy Dey
Announced in the Union Budget for 2024-25 on July 23, 2024, and now approved by the Union Cabinet, the Mission will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.
The mission will intensify the exploration of critical minerals within the country and in its offshore areas. It aims to create a fast-track regulatory approval process for critical mineral mining projects. Additionally, the mission will offer financial incentives for critical mineral exploration and promote the recovery of these minerals from overburden and tailings.
The mission aims to encourage Indian PSUs and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. It also proposes the development of a stockpile of critical minerals within the country.
The mission includes provisions for setting up mineral processing parks and supporting the recycling of critical minerals. It will also promote research in critical mineral technologies and proposes setting up a Centre of Excellence on Critical Minerals.
Adopting a whole-of-government approach, the Mission will work closely with relevant ministries, PSUs, private companies, and research institutions to achieve its objectives.
As part of the Atmanirbhar Bharat initiative, and recognising the indispensable role of critical minerals in high-tech industries, clean energy, and defense, the Government of India has undertaken several initiatives over the past two years to address challenges in the critical minerals sector.
Mines and Minerals (Development and Regulation) Act, 1957, has been amended in 2023 to increase the exploration and mining of critical minerals. Consequently, the Ministry of Mines has auctioned 24 blocks of strategic minerals.
Further, the Geological Survey of India (GSI) has undertaken 368 exploration projects for critical minerals over the past three years, with 195 projects currently underway in FY 2024-25. Further, for FY 2025-26, GSI is going to take up 227 projects for various critical minerals.
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