On Wednesday, the Cabinet approved a scheme worth Rs 1,500 Crore to promote critical minerals recycling in the country. This decision was taken under the chairmanship of Prime Minister Modi during the cabinet meeting.
This initiative aims to improve the nation’s recycling capacity for separating and producing critical minerals from secondary sources. This includes e-waste, such as Lithium Ion Battery (LIB) scrap and other end-of-life e-waste like catalytic converters from vehicles.
This incentive is a part of the National Critical Mineral Mission (NCMM), which strives to establish the domestic capacity to mitigate supply chain uncertainties in critical minerals. The government recently approved the ₹16,300 crore National Critical Mineral Mission, with a total expenditure of ₹34,300 crore spread over several stages in the next seven years. This initiative aims to achieve self-reliance and support India’s transition to green energy.
Additionally, Public sector enterprises are forecasted to contribute Rs 18,000 Crore to the mission.
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Critical minerals include copper, lithium, nickel, cobalt, and rare earth elements, which are essential raw materials required to fuel the rapid growth of clean energy technologies or tech in general.
The primary goals of this scheme are to extend exploration, decrease import dependence, attain mineral blocks overseas, and establish technology for the processing and recycling of critical minerals.
