What’s in the news?

• The government has approved the National Critical Mineral Mission (NCMM), envisaging a total outlay of ₹34,300 crore spread over seven years, with an aim to achieve self-reliance and accelerate India’s journey towards green energy transition. 
• Public sector enterprises are expected to contribute ₹18,000 crore to the mission which aims at promoting exploration of critical minerals within the country and at offshore locations. 
• Critical minerals such as copper, lithium, nickel, cobalt and rare earth are essential raw materials required to fuel the growth of rapidly growing clean energy technologies and their expanding uses ranging from wind turbines and electricity networks to electric vehicles and battery manufacturing. 
• Demand for these minerals is growing with clean energy transitions gathering momentum worldwide. 
• The NCMM 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 aims to create a fast-track regulatory approval process for critical mineral mining projects. Additionally, the mission will offer financial incentives for critical mineral exploration and promote the recovery of these resources from overburden and tailings. 
• The mission aims to encourage Indian public sector enterprises and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. It also proposes development of a stockpile of critical minerals within the country. 
• The mission includes provisions for setting up of mineral processing parks and supporting the recycling of critical minerals. It will also promote research in critical mineral technologies and proposes setting up Centre of Excellence on Critical Minerals. 

https://www.thehindu.com/news/national/government-approves-national-critical-minerals-mission-with-outlay-of-34300-crore-in-7-years/article69154754.ece#:~:text=The%20government%20on%20Wednesday%20(January,journey%20towards%20green%20energy%20transition.