Hyderabad: G Kishan Reddy, the Union Minister for Coal and Mines, launched the National Critical Minerals Mission Outreach Forum at a seminar in New Delhi on Friday. This event was held at the India Habitat Center.
Reddy highlighted the reforms introduced under Prime Minister Narendra Modi to boost India’s mineral sector. These changes have improved the transparency and accountability of mineral block auctions. So far, 34 blocks have been auctioned successfully. The government plans to auction more critical minerals. Over the past three years, the Geological Survey of India (GSI) has undertaken 445 exploration projects. The National Mineral Exploration Trust has funded 185 of these projects. Agreements with countries like Australia, Argentina, and Chile aim to support mineral extraction overseas.
He shared that Kabil, a central government company, has started mining operations on 15,000 hectares in Catamarca, Argentina. In January, the Union Cabinet approved the National Critical Minerals Mission with a budget of Rs 16,300 crore. An additional Rs 18,000 crore will be invested by central government companies. This mission focuses on extracting lithium, cobalt, and rare earth elements, which are vital for clean energy.
Reddy stated that by 2040, the need for critical minerals might rise four to six times. Currently, India imports all of these minerals. The mining industry is working towards self-sufficiency. India has overtaken Japan to become the world’s fourth-largest economy this year, and the mineral sector is key to supporting the country’s energy requirements for its development goals by 2047.
The National Critical Minerals Mission is crucial for India’s energy security. This year’s budget removed import duties on 12 critical minerals, including cobalt and lithium. Collaboration among government, private sector, and academia is essential to strengthen mineral processing. The newly launched forum aims to bring together various industries in this sector.
This forum offers a platform to educate about the critical minerals industry and its role in energy and food security. Reddy encouraged industry leaders to invest in mineral processing to bolster India’s mining sector. Companies like Coal India Limited, Hindustan Copper Limited, and Singareni should seek mining opportunities both in India and abroad.
