national critical mineral mission Flashcards
The Union Cabinet has approved the launch of the National Critical Mineral Mission (NCMM) with an allocation of ______, envisaging a total outlay of Rs.34,300 crore over a period of
7 years.
- NCMM aims to attract an investment of Rs.18,000 crore (USD 2.08 billion) from Public Sector
Undertakings (PSUs) and other entities.
Rs.16,300 crore (USD 1.88 billion)
The announcement for launching the NCMM was made by the Union Minister, Nirmala Sitharaman, Ministry of Finance (MoF) in the Union Budget for 2024-25.
The mission will cover all stages of the mineral value chain, including exploration, mining, beneficiation, processing, and recycling.
- Additionally, financial incentives will be provided for critical mineral exploration.
The mission will also support Indian PSUs and private companies in acquiring critical mineral assets abroad and strengthening trade ties with resource-rich
countries.
This initiative aligns with the ‘Atmanirbhar Bharat’
programme to address challenges in critical minerals, essential
for sectors like high-tech industries, clean energy, and defence.
The Mines and Minerals (Development and Regulation) Act
or MMDR Act, 1957 was amended in 2023 to promote exploration and mining of these minerals.
- Following this, the Ministry of Mines (MoM)
auctioned 24 blocks of strategic minerals.
The Geological Survey of India (GSI) has undertaken 368 exploration projects for critical minerals over the past 3 years, with 195 projects currently active in the first quarter of Financial Year 2025-26 (FY 26).
24 Critical Minerals
Beryl, Cadmium, Cobalt, Gallium, Glauconite, Graphite, Indium, Lithium,
Molybdenum, Nickel, Niobium, Phosphate (without uranium), Platinum group of elements, Potash, Rare earth minerals (excluding Uranium and Thorium), Rhenium, Selenium, Tantalum, Tellurium, Tin, Titanium and ores (ilmenite, rutile, leucoxene), Tungsten, Vanadium, Zirconium
and ores (including zircon)
