Hyderabad: Union Minister for Coal and Mines G. Kishan Reddy on Thursday announced the launch of the National Critical Minerals Mission with an outlay of Rs. 32,000 crore to reduce India’s import dependence and strengthen domestic value creation.
Speaking at the second edition of “Indian Critical Minerals Landscape: Foundation for a Sustainable Future,” organised by FICCI in partnership with the Ministry of Mines, he said India currently depends on imports for nearly 95% of its critical mineral requirements. Therefore, he stressed the need to build a resilient and self-reliant supply chain.
Reddy said the government had initiated over 4,000 exploration activities across the country under its reform-driven approach. In addition, nine Centres of Excellence are being set up to promote research, innovation and skill development. He noted that import duty exemptions and dedicated funds were being provided to support industry growth under the National Critical Minerals Mission.
The Minister further announced that production of permanent magnets under the Rs.7,280 crore Production Linked Incentive scheme would begin by the end of this year. He said critical mineral processing units would be established in Andhra Pradesh, Odisha, Maharashtra and Gujarat to boost domestic value addition. Moreover, he highlighted India’s efforts to secure overseas mineral assets and expand global partnerships.
Permanent magnet production to boost the National Critical Minerals Mission
Emphasising industrial growth, Reddy said permanent magnet production would mark a significant milestone under the National Critical Minerals Mission. He said the initiative would support manufacturing, clean energy and advanced technologies.
Officials and industry leaders at the summit underscored the strategic importance of critical minerals for economic development. During the event, FICCI launched a dedicated portal on global critical mineral assets and released a joint FICCI–Deloitte report outlining policy recommendations to strengthen India’s mineral ecosystem.