The Ministry of Mines has announced the initiation of the inaugural tranche auction for critical and strategic minerals, scheduled for November 29. This groundbreaking move encompasses the auctioning of 20 blocks dispersed across the nation, signifying a momentous initiative poised to invigorate the economy, fortify national security, and propel the nation toward a sustainable, clean energy future.
Critical and strategic minerals constitute indispensable components in the production of cutting-edge electronics, electric vehicles, renewable energy devices, defense systems, telecommunications, and the establishment of gigafactories. Traditionally fulfilled through imports, the current scenario sees China holding a near-monopoly in the critical minerals domain.
In a deliberate effort to establish alternative supply chains, India is poised to emerge as a pivotal participant. The upcoming strategy will delineate the roles of various Indian ministries in ensuring the robustness of the critical minerals supply chain. Simultaneously, the ministry is formulating a recycling metals strategy and collaborating with partner nations to jointly develop mineral processing and raw material manufacturing capabilities.
Beyond fortifying domestic mechanisms, the Ministry of Mines is proactively forging new alliances and partnerships, exemplified by engagements such as the Minerals Security Partnership (MSP) and the Australia-India Economic Cooperation and Trade Agreement. These endeavors underscore India's commitment to fostering a resilient critical minerals value chain, not only through domestic strategies but also through collaborative international efforts in both multilateral and bilateral arenas.
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