In a recent address, Coal and Mines Minister G Kishan Reddy highlighted the significance of critical minerals in driving the modern economy. He emphasized the government’s commitment to leveraging this global opportunity through the launch of the National Critical Mineral Mission. This mission, proposed in the Union Budget 2024-25, aims to boost domestic production, promote recycling of critical minerals, and facilitate overseas acquisition of critical mineral assets.
The mandate of the Critical Mineral Mission encompasses various key components, including technology development, the creation of a skilled workforce, the implementation of an extended producer responsibility framework, and the establishment of a suitable financing mechanism. These initiatives are crucial for ensuring the sustainable and efficient utilization of critical minerals, which are essential for the production of clean energy technologies such as wind turbines and electric cars.
During a national seminar on challenges and opportunities in the mines and minerals sector, organized by the Mining, Geological, Metallurgical Institute of India, Reddy underscored the government’s efforts to bring about transparency and competitiveness in the coal and minerals sector. Over the past decade, significant strides have been made through initiatives like the introduction of a commercial auction regime for coal and mineral blocks and the promotion of private sector partnerships.
Reddy specifically highlighted the importance of critical minerals such as cobalt, copper, lithium, nickel, and rare earths in meeting the growing demand for clean energy technologies. These minerals are essential components in the production of batteries for electric vehicles, which are becoming increasingly popular as the world transitions towards sustainable energy solutions. In line with this, the government has successfully auctioned 14 critical mineral mines, signaling its commitment to harnessing the potential of these resources.
Overall, the government’s focus on critical minerals and the launch of the National Critical Mineral Mission reflect a strategic approach towards leveraging India’s mineral resources for economic growth and sustainability. By promoting domestic production, encouraging recycling, and facilitating overseas acquisitions, the government is positioning the country to capitalize on the global demand for critical minerals and emerge as a key player in the clean energy revolution.