National Critical Mineral Mission, higher ethanol procurement price get cabinet nod

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Subscribe to enjoy similar stories. New Delhi: The Union cabinet on Wednesday approved a national critical mineral mission with an outlay of ₹34,300 crore to boost India's supply chain in the key sector and achieve self-reliance The cabinet also approved an increase in the price of ethanol procured by state-run oil marketing companies (OMCs) for blending with petrol.

Of the critical mineral mission outlay, an amount of ₹16,300 crore will be borne by the government and the remaining ₹18,000 crore raised by public sector undertakings and other entities. The mission, proposed by finance minister Nirmala Sitharaman in the Union budget presented in July last year, aims to secure both domestic and foreign supplies of critical minerals by strengthening the value chains with better technological, regulatory, and financial ecosystems.

India will foster innovation, skill development, and global competitiveness in exploration, mining, beneficiation, processing, and recycling to ensure it can efficiently meet both current and future demands, the government said. Also read | Mining and steel firms in a limbo on tax uncertainty and weak prices "The National Critical Mineral Mission, approved by the Union Cabinet, will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.

The mission will intensify the exploration of critical minerals within the country and in its offshore areas. It aims to create a fast-track regulatory approval process for critical mineral mining projects," said an official statement.

It will also offer financial incentives for critical mineral exploration and promote the recovery of these minerals from tailings. The key