a day ago
Reforms aim to give big boost to mineral sector: Kishan
Hyderabad: Union Minister for Coal and Mines G Kishan Reddy inaugurated the National Critical Minerals Mission Outreach Forum (NCMMOF) at the Critical Minerals Processing Seminar at India Habitat Center in the national capital on Friday.
During his speech at the inauguration of the forum, he mentioned that under Prime Minister Narendra Modi's leadership, several reforms have been introduced to enhance the mineral sector performance in the country.
These reforms have facilitated the transparent auctioning of mineral blocks and, in turn, increased accountability. The auction process for 34 blocks has already been successfully completed. 'We are taking further steps to auction additional critical minerals. In the past three years, the Geological Survey of India (GSI) has conducted a total of 445 exploration projects focused on critical mineral extraction. Funds have been allocated for 185 projects through the National Mineral Exploration Trust. We have signed bilateral agreements with countries such as Australia, Argentina, and Chile to facilitate the extraction of minerals from abroad,' he added.
Kishan Reddy said the central government company Kabil has already begun extracting minerals from 15,000 hectares of land in Catamarca province, Argentina. In January of this year, the Union Cabinet approved the National Critical Minerals Mission with an outlay of Rs 16,300 crore. Additionally, central government companies will invest an extra Rs 18,000 crore for this mission. We are focusing on the extraction of critical minerals like lithium, cobalt, and rare earth elements, which are in high demand for promoting clean energy in the country.
The union minister said that by 2040, the demand for critical minerals is expected to increase by four to six times. Currently, India imports 100 per cent of these critical minerals from abroad. The mining sector is continuously striving for self-reliance in the critical minerals sector.
India has now surpassed Japan to become the world's fourth-largest economy this financial year. In this context, the sector is advancing towards meeting the energy needs required to transform India into a developed nation by 2047.
The National Critical Minerals Mission plays a crucial role in ensuring the country's power security. The central government has decided in this year's budget to eliminate the import duty on 12 critical minerals, including cobalt powder, lithium-ion battery scrap, and lead and zinc. Collaboration among government, private sector, public sector, and academia is crucial to strengthen the critical minerals processing industry. The National Critical Minerals Mission Outreach Forum, which launched today, aims to unite various industries within this sector.
This forum will provide an opportunity to raise awareness about the critical minerals industry and its impact on power and food security in the country.
He urged industry representatives to invest in the critical minerals processing sector, as their involvement will help strengthen the mining sector in India. Companies such as Coal India Limited, Hindustan Copper Limited, and Singareni need to acquire blocks both domestically and internationally to commence mining operations.
