India's Critical Minerals Strategy: Challenges and Progress.

  Oct 10, 2023

Critical Minerals & India’s Progressive Approach

Introduction to Critical Minerals:

Central to modern life including LED lights, electric cars, batteries, and more.

Recognized globally for strategic importance with roots in the US’ 1939 Act.

India’s Stance:

Mining is pivotal to India’s economy.

June 2023: India joined the Minerals Security Partnership with major global economies.

Comprehensive list of 30 critical minerals released.

August 2023: Amendment to the Mines and Minerals Act, enhancing private sector involvement.

2023 Amendment Highlights:

Simplified processes for licenses and concessions.

Critical minerals are essential for economic growth and national security.

Importance: Energy transition, tech advancement, and net-zero commitments.

Private sector and FDI involvement, especially for atomic minerals.

Auction Power & Regulations:

Union government has exclusive auctioning rights.

Exploration licence holders must report findings, with auctions to be conducted for valuable discoveries.

Potential Hurdles:

Delays due to clearance issues, as seen with the Ghorabhurhani–Sagasahi iron ore mine.

Direct selling by private explorers prohibited, impacting their motivation.

Global Demand and Challenges:

450% surge in demand for critical minerals expected by 2050.

China’s dominance in the market is a challenge for India.

Environmental and social risks like habitat disruption and human rights violations are associated with mineral extraction.

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