What happened?
The Union Cabinet, chaired by Prime Minister Narendra Modi on 29th January, approved the launch of the National Critical Mineral Mission with an outlay of Rs. 16,300 crore and additional investments worth 18,000 crore expected from Public Sector Undertakings (PSUs).
Why it Matters to India
The NCMM will institute a ‘whole of government’ approach to reduce India’s major import dependencies (particularly on China) for minerals vital to the country’s green energy transition and manufacturing sector. Importantly, it will enhance policy support to India’s PSUs and private sector across each segment of critical mineral value chains – exploration, extraction, beneficiation, and refinement, as well as recycling minerals to introduce ‘circularity’. Moreover, it will strengthen India’s ability to acquire resources abroad and cooperate with its international partners through frameworks such as the US-led Mineral Security Partnership.