Govt to Offer Financial Boost for Key Minerals Like Lithium, Focus on Global Collaboration

The government announced plans on Wednesday to offer financial incentives to help develop important minerals, such as lithium. During the Budget Seminar on the National Critical Minerals Mission, Mines Joint Secretary Veena Kumari Dermal mentioned that the government will also focus on securing loans from international financial institutions to support this sector.

In addition to financial support, the government will encourage Indian public and private companies to acquire mineral assets abroad by providing targeted subsidies for mining and infrastructure.

The Mines Ministry will collaborate closely with the Ministry of External Affairs (MEA) to develop infrastructure for transporting these minerals.

The Union Budget for 2024-25 introduced the Critical Minerals Mission, which focuses on domestic production, recycling, and acquiring critical minerals from overseas. The mission aims to secure the country’s supply of these vital minerals by enhancing technology, regulations, and financial support to boost innovation, skill development, and global competitiveness in mineral exploration, mining, processing, and recycling.