The Union Cabinet has approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs.16,300 crore and expected investment of Rs.18,000 crore by PSUs, etc.
Key Points
The Union Finance Minister had announced the setting up of the Critical Mineral Mission in the Union Budget for 2024-25 on 23rd July 2024.
The National Critical Mineral Mission, approved by the Union Cabinet, will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.
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 minerals from overburden and tailings.
