Prime Minister Narendra Modi on Thursday said the National Critical Minerals Mission (NCCM) aims to reduce import dependence, strengthen domestic value chains and support India’s ‘Net Zero by 2070’ goal.

Responding to an article written by Union Minister G Kishan Reddy on National Critical Mineral Mission (NCMM), the Prime Minister’s Office (PMO) in a post on X said, “Union Minister Shri @kishanreddybjp elaborates on how the National Critical Minerals Mission aims to reduce import dependence, strengthen domestic value chains and support India’s ‘Net Zero by 2070’ goal.”

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The NCCM is being launched with an outlay of Rs 16,300 crore and an expected investment of Rs 18,000 crore by public sector undertakings (PSUs).

It will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.

The mission will intensify the exploration of critical minerals within the country and in its offshore areas. It also aims to create a fast-track regulatory approval process for critical mineral mining projects, according to an official statement.

Additionally, the mission will offer financial incentives for critical mineral exploration and promote the recovery of these minerals from overburden and tailings.

Critical minerals such as lithium, chromium, nickel, graphite, cobalt, titanium and rare earth elements are essential raw materials for sectors like electronics, electric vehicles, renewable energy, defence and high-tech telecommunications.

Currently, the extraction of these minerals is dominated by a few countries such as China which makes the supply chain vulnerable to geopolitical uncertainties.

India is viewed as part of the alternative supply chain that needs to be developed to break China’s dominance in this crucial segment. India at present relies mainly on imports to meet its demand. It is also exploring opportunities for mining abroad.

The country has entered into a collaboration with Australia, the world’s top producer of Lithium accounting for as much as 47 per cent of the mineral. A government-to-government agreement has been signed between the Ministry of Mines and DSIR, under which five projects of Lithium and cobalt have been selected where project feasibility is being carried out.

As part of the ‘Atmanirbhar Bharat’ initiative, and recognising the indispensable role of critical minerals in high-tech industries, clean energy, and defense, the government has undertaken several initiatives over the past two years to address challenges in the critical minerals sector.