What’s in the news?
- Ministry of Mines is organising an outreach programme on “Role of the Government and Industry in Driving the Global Action of Critical Minerals” in New Delhi.
- The event will be attended by Ambassadors/Mission Heads of various countries as well as representatives of businesses in India and other stakeholders.
- As a pivotal member of G20, India has proactively undertaken a series of initiatives aimed at strengthening the supply chain of critical minerals.
- Ministry of Mines has already made an Amendment in the MMDR Act through which the power to auction of 24 identified Critical Minerals is given to Central Govt.
- Further to boost exploration, a provision has also been made for a new mineral concession mainly exploration license exclusively for the identified critical minerals including some deep-seated minerals.
- The financial incentive up to 25% of the approved cost of exploration is provided for critical & strategic minerals. The incentive is provided through NMET (National Mineral Exploration Trust) and public and private sector can avail the incentive on successful discovery of critical minerals.
- Ministry of Mines is in the process of preparing a Policy for critical minerals which will include a road map for strengthening the supply chain of critical minerals.
- Ministry of Mine is actively engaging in new partnerships and alliances like Minerals Security Partnership (MSP), the Australia-India Economic Cooperation and Trade Agreement (ECTA).