India’s Focus on Critical Minerals for National Growth and Security

Context:

Recently the  Cabinet has specified the royalty rate for 12 critical minerals, which primarily include beryllium, cadmium, cobalt, gallium, indium, rhenium, selenium, tantalum, tellurium, titanium, tungsten and vanadium.

What are Critical Minerals? – A Spotlight on Critical Minerals

• These minerals are necessary for national security, economic growth, and renewable energy. 
  • The development of numerous industries, such as high-tech electronics, telecommunications, transportation, and defence, depends on these.
• Identified Critical Minerals: The Expert Committee under the Ministry of Mines has identified a set of 30 critical minerals for India.
• • These are Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, Germanium, Graphite, Hafnium, Indium, Lithium, Molybdenum, Niobium, Nickel, PGE, Phosphorous, Potash, REE, Rhenium, Silicon, Strontium, Tantalum, Tellurium, Tin, Titanium, Tungsten, Vanadium, Zirconium, Selenium, and Cadmium.

What are Royalty Rates? Payments for Resource Extraction and Mineral Rights Under MMDRA 1957

• Fees paid to the government for the removal of resources or minerals from a designated area are known as royalty rates.
• MMDRA 1957’s second schedule addresses mineral royalty rates.
• These minerals have been removed from the list of atomic minerals, and the commercial sector is now able to bid for them.

Key Features of Mines and Minerals (Development and Regulation) Amendment Act 2023:

Exploring Critical Mineral Uses and Estimated Reserves in India

News Source: PIB