The Government on Wednesday approved a Rs 16,300-crore National Critical Minerals Mission (NCMM) to promote exploration of critical minerals within the country and at offshore locations.
The approval was given by the Union Cabinet chaired by Prime Minister Narendra Modi.
Briefing the media after the Cabinet meeting, minister for information and broadcasting Ashwini Vaishnaw said that the mission aims to reduce the dependence on import of critical minerals and ensure self-reliance.
The NCMM 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 resources from overburden and tailings.
The mission aims to encourage Indian public sector enterprises and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. It also proposes development of stockpile of critical minerals within the country.
