The Central government is set to launch its first-ever auction of critical mineral blocks for mining on November 29. Around 20 blocks containing vital and strategic minerals are up for auction across the nation. This groundbreaking initiative is poised to significantly bolster our economy, fortify national security, and facilitate the shift towards a cleaner energy future, as stated by the Mines Ministry.
These critical and strategic minerals play a pivotal role in the production of advanced electronics, electric vehicles, renewable energy components, defense systems, telecommunications, and the establishment of gigafactories.
Typically, the demand for these minerals has been met through imports, with China currently holding a predominant position in this space, almost monopolizing the supply.
India is aiming to diversify its supply chains, anticipating a pivotal role in this domain, reducing dependency and emerging as a crucial player.
The ministry's strategy encompasses delineating the roles of various Indian ministries in ensuring the robustness of the critical mineral supply chain.
Moreover, the ministry is formulating a plan for metal recycling and intends to collaborate with partner nations to jointly develop mineral processing and raw material manufacturing capabilities.
Beyond reinforcing domestic infrastructures, concerted international efforts through multilateral and bilateral engagements are underway to establish a resilient critical minerals value chain.
The Ministry of Mines is actively forging new alliances and partnerships, such as the Minerals Security Partnership (MSP) and the Australia-India Economic Cooperation and Trade Agreement.
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