The ministry of mines is organising an outreach program on the ‘Role of the Government and Industry in Driving the Global Action of Critical Minerals’ on November 29, 2023 in New Delhi. This significant event will be attended by ambassadors/mission heads from various countries, representatives of businesses in India, and other stakeholders.
India’s G20 presidency has marked a crucial milestone in global leadership, leveraging its diverse economy, technological prowess, and commitment to sustainable development. Throughout its presidency, India has focused on inclusive growth, digital innovation, climate resilience, and equitable global health access. The G20 New Delhi leaders’ declaration includes a paragraph on critical minerals.
The ministry of mines, as part of the Energy Transition Working Group (ETWG), actively participated in G20 deliberations, ensuring the acknowledgment of critical minerals’ role in energy transitions by the G20 community. To advance the deliverables of the New Delhi leaders’ declaration, ministries/departments are actively engaging to embed India’s narrative in future G20 work. The present outreach program aims to facilitate discussions on the way forward with ambassadors/mission heads of various countries and other stakeholders.
As a pivotal G20 member, India has initiated efforts to strengthen the supply chain of critical minerals. An amendment in the MMDR Act, effective from August 17, 2023, empowers the government to auction twenty-four identified critical minerals. Additionally, a provision for a new mineral concession, mainly for exploration licenses exclusively for critical minerals, has been made to attract mining companies to India. Exploration activities are being reoriented to emphasise critical and strategic minerals, with financial incentives of up to 25% of the approved exploration cost provided for these minerals through National Mineral Exploration Trust (NMET).
The ministry of mines is in the process of formulating a policy for critical minerals, including a roadmap to strengthen the supply chain. This strategy will outline the responsibilities of different ministries in ensuring the resilience of the supply chain. The ministry is also developing a strategy for recycling metals, aiming to enhance recycling capability and streamline the recycling process.
Collaborative international efforts through multilateral and bilateral engagements, such as the Minerals Security Partnership (MSP) and the Australia-India Economic Cooperation and Trade Agreement (ECTA), are being actively pursued. As reported by Press Information Bureau, in coordination with the Council on Energy, Environment, and Water (CEEW), the ministry of mines conducted a virtual session on ‘Decoding G20 consensus on critical minerals for energy transition’.
