New Delhi, Feb 28 (IANS) Union Minister of Coal and Mines Pralhad Joshi will be launching the second tranche of Auction of Critical and Strategic Mineral Blocks on Thursday (February 29), an official said on Wednesday.
During the launch event, letters of financial grants will also be handed over to start-ups in the mining and mineral sector. Additionally, Annual Capacity Building Plan for GSI will be released during the programme.
Critical minerals such as lithium, graphite, cobalt, titanium and rare earth elements (REE) are essential for India’s economic development and national security.
Currently, the extraction of these minerals is dominated by a few countries such as China which may lead to supply chain vulnerabilities.
Critical minerals cater to the needs of sectors like electronics, electric vehicles, renewable energy, defence, high-tech telecommunications, agriculture, pharmaceutical and creation of gigafactories.
These minerals are in high demand, which is met mainly by imports.
The future global economy will be underpinned by technologies that depend on these critical minerals and India has committed to achieve 50 per cent of cumulative electric power installed capacity from non-fossil sources by 2030.
The ambitious plans for energy transition are set to drive the demand for electric cars, wind and solar energy projects and battery storage systems, thereby increasing the demand for these critical minerals.
Through an amendment in the MMDR Act on August 17 last year, 24 minerals were notified as critical and strategic minerals.
The amendment confers the power to grant mineral concessions for these minerals to the Central government so that it can prioritise auction of these minerals by looking at the requirements of the country.
The revenue generated from these auctions shall accrue to the state governments.
Subsequently, royalty rates of critical minerals were rationalised to encourage more participation in auctions.
Subsequently, Union Minister Pralhad Joshi launched 20 critical mineral blocks in the First Tranche of Auction of Critical and Strategic Minerals on November 29.
–IANS
sps/pgh
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
