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News: The Union Cabinet has approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs. 16,300 crores.
About National Critical Mineral Mission
- It aims to intensify the exploration of critical minerals both within the country as well as in its offshore areas, creating a fast-track regulatory approval process for critical mineral mining projects.
- The mission adopts an inclusive approach by giving due attention to all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.
- It has provision for financial incentives for critical mineral exploration and promotes recovery of these minerals from overburden and tailings.
- It promotes research in critical mineral technologies by proposing the setting up of the Centre of Excellence on Critical Minerals.
- It encourages Indian PSUs and private sector companies to forge trade partnerships with resource rich countries to acquire critical mineral assets abroad.
- The mission is an attempt to reduce India’s reliance on import of critical minerals like lithium, boost domestic exploration and accelerate just energy transition.
- It will be implemented by the Ministry of Mines over seven years until 2030-31.
