Government unveils Rs 32,000 crore Critical Minerals Mission
New Delhi: India on Wednesday signalled an assertive push to reposition itself in the global critical minerals value chain, with the Centre unveiling a Rs 32,000 crore National Critical Minerals Mission and announcing that domestic production of permanent magnets will commence by the end of the year.
Addressing the second edition of Indian Critical Minerals Landscape: Foundation for a Sustainable Future – Empowering Innovation, Growth & Self-Reliance, organised by Federation of Indian Chambers of Commerce and Industry in partnership with the Ministry of Mines, Union Minister for Coal and Mines G Kishan Reddy underscored the need to shift from resource dependence to value creation.
With India currently importing nearly 95 per cent of its critical mineral requirements, Reddy described the moment as one demanding structural reform. Nine Centres of Excellence have been identified to bolster research, innovation and skilling.
Work under the National Critical Minerals Mission has begun, with over 4,000 exploration activities launched nationwide. A dedicated fund has been created and import duty exemptions extended for raw materials to encourage domestic processing. The National Mineral Exploration Trust is also being reinforced to accelerate discoveries.
In a significant value-addition measure, the Minister announced that permanent magnet production will begin by year-end under a Rs 7,280 crore Production-Linked Incentive scheme. Four States Andhra Pradesh, Odisha, Maharashtra and Gujarat have been identified for establishing critical minerals processing units. Simultaneously, 143 coal mines have been earmarked for closure by 2028 under a sustainable transition framework.
Highlighting the importance of global partnerships, Reddy said India is deepening overseas asset acquisition efforts to secure strategic mineral supplies.
Ed Jager, Minister (Commercial) at the High Commission of Canada in India, stressed the need for resilient supply chains and said Canada seeks to be a reliable partner for India across exploration and processing.
