NCMM was announced in the Union Budget, 2024-25. 

Key Features of NCMM

• Aim: Encourage Indian PSUs and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. 
• Cost: Expenditure of Rs.16,300 crore and expected investment of Rs.18,000 crore by PSUs, etc.
• Exploration: Intensify exploration of critical minerals within the country and in offshore areas.
• Encompasses: All stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.
• Financial Incentives: For critical mineral exploration. 
• Coordination: With relevant ministries, PSUs, private companies, and research institutions, etc. 
• Others: Setting up of mineral processing parks, centre of excellence, recycling of critical minerals, fast track regulatory approval for projects, developing stockpile of critical minerals,  etc. 

Need for NCMM

• Boost India’s self-reliance and reduce import dependency. 
• Propel Economic growth and enable Clean Energy Transition. 

Critical Minerals 

• About: Minerals that are essential for economic development and national security (Ministry of Mines). 
  • Their lack of availability or concentration of extraction or processing in a few geographical locations may lead to supply chain vulnerabilities and disruptions. 
  • Government of India released a list of 30 critical minerals for India including Cobalt, Copper, Germanium, Lithium, Tungsten, etc.