
Summary:
India's Ministry of Mines has allotted Rs. 16,441 crore (US$ 1.9 billion) to expand the country's essential minerals industry, with an emphasis on obtaining raw resources such as lithium for energy transition and infrastructure. In 2023, India selected 30 essential minerals to lessen its dependency on imports. Prime Minister Narendra Modi's cabinet is scheduled to approve Rs. 2,595.90 crore (US$ 300 million).
The National Mineral Exploration Trust will provide Rs. 8,700 crore (US$ 1.01 billion), the Department of Science and Technology Rs. 1,000 crore (US$ 115.57 million), and the Geological Survey of India Rs. 4,000 crore (US$ 462.27 million). This grant, confirmed by the Ministry of Mines, underscores India's commitment to developing its own vital minerals industry and reducing reliance on imports. India is also developing lithium processing technologies, with cooperation from Australia, Russia, and the United States.
Source: IBEF
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