He also recognised the growing potential of offshore mining, marking India's first offshore mineral auction in 75 years, which will reduce import dependence and contribute significantly to India's self-sufficiency.The Union cabinet on Wednesday likely approved the National Critical Mineral Mission (CMM) with an outlay of IN 18,000 crore, reported ET NOW, citing sources.
Earlier this month, Union minister G Kishan Reddy had announced Centre's plan to launch the National Critical Mineral Mission (CMM) to enhance domestic production, reduce import dependence, and encourage offshore mining auctions, while urging states to cooperate for sustained mining activities, as per a PTI report.
"The mission will soon get Cabinet approval. Union finance minister had announced about it in her budget speech. Import duty on critical mineral has also been made zero," Reddy had said.
Lithium, cobalt, copper, nickel and rare earth elements are known as critical minerals which are essential for manufacturing defence equipment and key technologies.
Stating that India has already made a place in the global platform on critical minerals, the Union coal and mines minister said his ministry wants the public and private sectors to work in tandem in this regard.
Reddy also announced that India launched the auction of 48 critical mineral blocks, with 24 successfully allotted. "The fifth tranche offering of 15 critical mineral blocks was launched today, and industries have participated with full encouragement. This momentum should continue," he added.
He also recognised the growing potential of offshore mining, marking India's first offshore mineral auction in 75 years, which will reduce import dependence and contribute significantly to India's self-sufficiency.
