NEW DELHI: In a bid to secure the supply of critical minerals essential for industries such as electronics, telecommunications, transportation, agriculture, defense, healthcare, and clean energy, the government on Wednesday approved the launch of the National Critical Mineral Mission (NCMM) with a budget of Rs 34,300 crore.
Explaining the mission, Ashwini Vaishnaw, Minister of Information and Broadcasting, said that the NCMM will be implemented under the Ministry of Mines over a period of seven years, from FY 2024-25 to FY 2030-31. “Of the total expenditure on the mission, Rs 16,300 crore will be allocated for budgetary support, while an additional Rs 18,000 crore is expected to be invested by public sector undertakings (PSUs) and other entities,” said Vaishnaw.
Critical minerals like copper, lithium, nickel, cobalt, and rare earth elements are essential raw materials that fuel the growth of clean energy technologies.
These minerals are increasingly used in applications such as wind turbines, electricity networks, electric vehicles, and battery manufacturing. As per the scheme, the fund will be used to secure both domestic and foreign sourcing of India’s critical mineral supply chain, ensuring an adequate availability of these minerals within the country.
The mission will also strengthen the critical mineral value chains through better technology, regulatory frameworks, and financial ecosystems.
According to the government, the budget allocation will be distributed as follows: R4,000 crore for the Geological Survey of India (GSI), Rs 8,700 crore for the National Mineral Exploration Trust (NMET), Rs 2,600 crore for additional budgetary requirements, and Rs 16,300 crore for ANRF and other research and development schemes.
The Ministry of Mines aims to boost domestic critical mineral production by expanding exploration and mining activities, with government agencies set to undertake 1,200 exploration projects. Additionally, more than 100 blocks of critical mineral resources will be auctioned by FY 2030-31.