Opinion
Mint Quick Edit | India’s push for mineral security augurs well
Summary
- The Union cabinet has approved a national critical mineral mission with an outlay of ₹34,300 crore. Given how we’re staring at a phase of geopolitical flux, self-reliance here makes eminent sense.
On Wednesday, India’s cabinet approved a national critical mineral mission. With an outlay of ₹34,300 crore, its aim is to strengthen India’s supply chain for key minerals and achieve self-reliance. The Centre is expected to put in ₹16,300 crore of that sum, with the rest to be raised by public sector units and others.
Also Read: India hits the accelerator on critical-minerals security
The plan, as announced in the budget speech made in July 2024 by finance minister Nirmala Sitharaman, will cover mineral exploration, mining, processing and recycling. The acquisition of mineral assets abroad is also part of what is envisaged. Argentina, Australia and Chile are reported to be among the countries where India may try to acquire assets.
Also Read: Mint Explainer: How the mining legislations open up assets for private sector
With the world headed for a period of geopolitical flux and potential turbulence, this mission makes eminent sense. China, notably, has been exercising its heft with various inputs that are crucial for clean-tech solutions. It has placed curbs on exports, even as the US has been scouting for reserves in Africa and elsewhere to shore itself up.
Also Read: China’s export ban on key minerals may have a silver lining for the US
In 2023, India joined the US-led Minerals Security Partnership, which has over a dozen members. But we mustn’t depend on that. India needs mineral security on its own.
