PM Modi Reviews Performance Of ₹1,500-Crore Incentive Scheme For Critical Minerals
Prime Minister Modi conducted quarterly review of Ministry of Mines, focusing on overseas critical mineral asset acquisitions and performance evaluation of ₹1,500-crore recycling incentive scheme. The scheme aims to develop 270 kilo tonnes annual recycling capacity, generate 40 kilo tonnes critical mineral production, attract ₹8,000 crore investment and create 70,000 jobs as part of the broader ₹34,300-crore National Critical Mineral Mission.
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Prime Minister Narendra Modi conducted a comprehensive quarterly sectoral review of the Ministry of Mines on Friday, examining the progress on overseas critical mineral asset acquisitions and evaluating the performance of a ₹1,500-crore incentive scheme aimed at promoting critical mineral recycling. The review meeting addressed key strategic initiatives that support India's long-term economic and security interests in the critical minerals sector.
Overseas Critical Mineral Asset Acquisitions
The Prime Minister assessed the progress on acquiring critical mineral assets overseas, which represents a crucial component of India's strategy to secure stable supply chains for high-demand minerals. These acquisitions target minerals essential for sectors including electric mobility, renewable energy, electronics, and defence.
The overseas asset acquisition strategy aligns with national objectives to secure supply chains for high-demand minerals essential for modern industries. Assured access to these minerals is key for supporting the country's energy transition plans, reducing import dependence and strengthening domestic manufacturing under the 'Make in India' initiative.
During the review meeting, the status of rare earth elements availability also came up for discussion, with sources indicating that the discussion proved quite fruitful.
₹1,500-Crore Recycling Incentive Scheme Performance
The Prime Minister reviewed the performance of the ₹1,500-crore incentive scheme, which received Union Cabinet approval last year. This scheme focuses on developing domestic recycling capacity for the separation and production of critical minerals from secondary sources.
| Parameter: | Target/Expected Outcome |
|---|---|
| Annual Recycling Capacity: | 270 kilo tonnes |
| Annual Critical Mineral Production: | 40 kilo tonnes |
| Expected Investment: | ₹8,000.00 crores |
| Job Creation (Direct & Indirect): | 70,000 positions |
The recycling scheme forms part of the broader National Critical Mineral Mission, which aims to build domestic capacity and supply chain resilience in the critical mineral sector.
National Critical Mineral Mission Framework
The government has approved a comprehensive ₹16,300-crore National Critical Mineral Mission with a total outlay of ₹34,300 crores spread over seven years. This mission aims to achieve self-reliance and accelerate India's journey towards green energy transition.
Critical minerals including copper, lithium, nickel, cobalt, and rare earth elements serve as essential raw materials required to fuel the growth of rapidly expanding clean energy technologies. These minerals play a vital role in supporting India's transition to sustainable energy sources and reducing dependence on imports for strategic materials.
The quarterly review demonstrates the government's commitment to monitoring progress on critical mineral initiatives and ensuring that strategic objectives for supply chain security and domestic capacity building remain on track.
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