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.
Other Measures taken
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