Latest news with #MinesandMineral

Business Standard

PM Modi urges self-reliance in critical minerals, backs national mission

Prime Minister Narendra Modi on Friday said self-reliance in the critical minerals was 'extremely essential', while asserting that his government was working to achieve it. The PM's statement comes at a time when the country is facing shortage of rare earth magnet due to export restrictions placed by China -- which produces over 90 per cent of world's rare earth magnets. Highlighting government efforts, PM Modi said the National Critical Minerals Mission (NCMM) has already been launched, with exploration work underway at more than 1,200 locations. 'Whether it is the energy sector, the industrial sector, the defence sector, or any field of technology, critical minerals play a very important role. The entire world is now quite alert about them, something that received little attention until recently is now at the centre stage. For us too, self-reliance in critical minerals is extremely essential,' PM Modi said in his Independence Day address from the Red Fort. Approved by the Union Cabinet in January for the period 2024-25 to 2030-31, the NCMM involves Rs 16,300 crore in government funding and an expected Rs 18,000 crore investment from public sector undertakings (PSUs) and other stakeholders. The mission aims for exploration work in projects, secure at least 50 overseas mineral assets, support the filing of 1,000 patents across the critical minerals value chain, and create 10,000 skilled professionals. It also targets recycling at least 10 per cent of India's annual critical mineral consumption. According to the mines ministry, the government has auctioned 34 mineral blocks in five tranches. Earlier this month, it granted 10 patents in the field and identified seven Centres of Excellence, including four IITs, for research and development in critical mineral technologies. The Mines and Mineral (Development and Regulation) Amendment Bill 2025, passed by the Lok Sabha this week, waived the charges for including extractable critical minerals in the existing mineral lease. The experts believe it will give impetus to the production of critical and strategic minerals.