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Africa can make India’s ‘critical mineral mission’ shine
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Context
In the Union Budget 2024-25, the government introduced a Critical Mineral Mission to boost India's self-reliance in essential minerals. This initiative aims to enhance domestic production, improve recycling practices, and encourage international asset acquisition. The recent amendment to the Mines and Minerals (Development and Regulation) Act of 1957 aligns with these goals by facilitating private sector involvement in mineral exploration.
Objectives of the Critical Mineral Mission
- Expansion of Domestic Production: The mission focuses on increasing India’s capacity to produce critical minerals domestically, reducing reliance on imports.
- Recycling Prioritization: It aims to establish robust systems for recycling critical minerals, thus promoting sustainable resource management.
- Incentivising Overseas Acquisition: The mission seeks to encourage the acquisition of mineral assets abroad to secure supply chains.
Legislative Changes
- Amendment to the Act: The Mines and Minerals (Development and Regulation) Amendment Bill, 2023, revises the Mines and Minerals (Development and Regulation) Act of 1957.
- Removal of Six Minerals: The amendment removes six minerals from the atomic list, opening up exploration opportunities for the private sector.
- Private Sector Involvement: This legislative change aims to increase private sector participation in mineral exploration and development.
Implementation and Impact
- Mission Mode Efforts: The mission is being pursued with a sense of urgency, with ongoing efforts to achieve its objectives efficiently.
- Seminar Discussions: The Ministry of Mines organized a seminar to outline and discuss the mission's goals and strategies.
- Expected Outcomes: The mission is expected to enhance mineral resource management, support domestic industries, and strengthen international mineral supply chains.
Practice Question
Q. Evaluate the objectives and potential impact of the Critical Mineral Mission introduced in the Union Budget 2024-25. How do the recent amendments to the Mines and Minerals (Development and Regulation) Act support these objectives?
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