The government on Wednesday approved a Rs 16,300-crore National Critical Minerals Mission (NCMM) to promote exploration of critical minerals within the country and at offshore locations. The approval was given by the Union Cabinet chaired by Prime Minister Narendra Modi.
NCMM Aims to Boost Domestic Exploration and Self-Reliance
Briefing the media after the Cabinet meeting, minister for information and broadcasting Ashwini Vaishnaw said that the mission aims to reduce the dependence on import of critical minerals and ensure self-reliance. The NCMM will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.
Mission to Fast-Track Regulatory Approvals and Offer Financial Incentives
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.
