National Critical Mineral Mission (NCMM)

Why in the news?

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the launch of the National Critical Mineral Mission (NCMM).

Key Points:

• This mission has been launched keeping in view the role of critical minerals under the Atmanirbhar Bharat initiative.
• An outlay of Rs 34,300 crore has been set for this mission over seven years.
• The Finance Minister had announced the establishment of the Critical Mineral Mission in the Union Budget 2024-25 on 23 July 2024.
• The objective of this mission is to promote exploration, mining and recycling of critical minerals.
• This mission will work in collaboration with the concerned ministries, public sector undertakings, private companies and research institutions to achieve its objectives.

Key components of the mission:

• This mission will accelerate the exploration of critical minerals within the country and in offshore areas.
• Priority will be given to the processing of critical minerals and their recovery from end products.
• A fast-track regulatory approval process will be developed for mining projects involving minerals.
• Financial incentives will be provided to promote the exploration of critical minerals.
• Recovery of critical minerals from mining waste materials will be encouraged.
• Mineral processing parks will be established.
• Recycling of critical minerals will be supported.

Critical Minerals:

• These elements are used in modern technologies and industries.
• Their availability is limited or they are found in only a few countries.
• Any disruption in the supply of these minerals can have serious impact on many industries.

Critical Minerals and their Uses: