India’s Cabinet on Wednesday approved a 163 billion-rupee (US$1.9 billion) program to secure supplies of a range of minerals used mainly in battery, electronics, defense and agriculture sectors.
The National Critical Mineral Mission will focus on local mining and processing of 24 vital minerals, as well as acquisitions of mining blocks overseas, Information and Broadcasting Minister Ashwini Vaishnaw told reporters.
The initiative, which will also give a thrust to the recycling of materials such as lithium, cobalt, potash and graphite, will help reduce the country’s reliance on imports, he said in New Delhi. The nation relies almost entirely on overseas shipments for energy transition materials, including cobalt, nickel, lithium and copper ore and concentrates, with China being a key supplier.
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The plan ties into Indian Prime Minister Narendra Modi’s call in 2020 for national economic self-reliance amid upheavals caused by the COVID-19 pandemic. The country has since been part of global efforts to diversify supply chains away from China.
India has also been focusing on speedy implementation of several policies to meet its green targets. Modi’s government aims to more than double the country’s green power capacity by 2030 and has offered incentives for the manufacturing of battery storage systems to enable a round-the-clock supply of clean energy.
“Given the country’s vulnerability to geopolitical shifts surrounding critical minerals, this mission addresses a key area of concern,” Deloitte India partner Rakesh Surana said. “By improving self-sufficiency in this area, the country will be better positioned to meet its energy and industrial requirements, while also contributing to its long-term sustainability goals.”
The mission is expected to attract an investment of 180 billion rupees, the government’s Press Information Bureau said in a statement.
Batteries will also be crucial for decarbonizing India’s ground transport fleet that runs mostly on fossil fuels. Minerals such as lithium, cobalt and graphite would be key to the success of its battery-making plans.
The initiative will also help the country’s ambitions in electronics, nuclear and aerospace industries, the government statement said.
The mission will intensify the exploration of critical minerals within the country and in offshore areas.
It aims to create a fast track regulatory approval process for such projects, besides offering financial incentives for exploration and to promote the recovery of such materials from mining waste, it said.
The government will encourage state-run and private-sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries, according to the statement.
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