.jpg)
Indian companies will increase the purchase of critical mineral mines abroad, China's dominance will be challenged
The central government has already declared 24 types of minerals as critical minerals. These include minerals like graphite, lithium, nickel, niobium, gallium, cobalt, and cadmium. Some of these minerals have deposits in India, while many are found only abroad. China has been acquiring such mineral deposits from countries from Africa to South American continents for many years.
The government cleared the National Critical Minerals Mission (NCCM) worth Rs 16,300 crore in view of technology-intensive industries' requirements for critical minerals (precious metal) for use in industries including solar panels, electric cars, semiconductors, computers, etc. In its budget in July 2024, its establishment was announced in its general budget.
The resolution to form the mission, through which India can make a considerable contribution towards becoming a developed nation, was adopted in the Union Cabinet session under PM Modi. Under such a mission, financial and other forms of aid will be granted to governments and private sectors of India for buying or taking over metal-abundant countries' mines of valuable metal. Presently, China is in a position of leadership in taking over metal-abundant countries' mines in the entire world. India is developing relations with many countries including America, and Australia in such a regard.
Giving information about the cabinet decision, Union Information and Broadcasting Minister Ashwini Vaishnav said that the period of NCCM will be from the year 2025 to the year 2031. It will be implemented by the Ministry of Mines. The budgetary contribution of Rs 16,300 crore will be Rs 2600 crore while the remaining amount will be made by public sector companies. Apart from this, an additional investment of Rs 18,000 crore is expected from government companies in the critical minerals sector.
