Cabinet Approves Rs 1,500 Crore Incentive Scheme to Enhance Recycling of Critical Minerals in India

The Cabinet has approved a Rs 1,500 crore incentive scheme to boost the recycling of critical minerals in India. This decision was made during a meeting chaired by Prime Minister Narendra Modi. The initiative aims to enhance the country's recycling capacity for extracting and producing critical minerals from secondary sources like e-waste, Lithium Ion Battery (LIB) scrap, and other scrap materials.

The scheme is a component of the National Critical Mineral Mission (NCMM), which seeks to strengthen domestic capacity and supply chain resilience in critical minerals. The mines ministry confirmed the approval of this incentive scheme in a statement. The NCMM was previously sanctioned with a budget of Rs 16,300 crore, part of a larger Rs 34,300 crore plan over seven years to promote self-reliance and expedite India's transition to green energy.

Focus on Critical Minerals

Public sector enterprises are anticipated to contribute Rs 18,000 crore towards the mission. Critical minerals such as copper, lithium, nickel, cobalt, and rare earth elements are vital for the advancement of clean energy technologies. These materials are essential for supporting the growth of rapidly expanding clean energy solutions.

The primary goals of the mission include increasing exploration activities, reducing reliance on imports, acquiring mineral blocks overseas, developing processing technologies for critical minerals, and promoting mineral recycling. These efforts aim to ensure a steady supply of essential raw materials needed for clean energy technologies.

By focusing on these objectives, the mission seeks to secure India's position in the global market for critical minerals. This will help reduce dependency on foreign sources and support sustainable development within the country.

The government's commitment to this mission reflects its dedication to achieving self-sufficiency in critical minerals. By investing in recycling and processing technologies, India aims to become a leader in sustainable resource management.

With inputs from PTI