India Amends Mining Act to Unlock Critical Minerals Potential
India is amending its mining laws to enhance critical mineral exploration, reduce import dependency, and support clean energy goals by 2070.India revises mining laws to boost critical mineral production, supporting clean energy and reducing imports. Learn about the strategic changes.
India is amending its mining laws to boost exploration and production of critical minerals, aiming to reduce import dependency and support clean energy technologies.
The Indian government is revising the Mines and Minerals (Development and Regulation) Act to facilitate private sector involvement in mining critical minerals like lithium, cobalt, and rare earth elements. These minerals are essential for electric vehicle batteries, solar panels, and wind turbines, aligning with India’s clean energy goals. The amendments aim to streamline licensing processes and offer incentives to attract investment. Currently, India relies heavily on imports, particularly from China, for these resources, making domestic production a priority. The Geological Survey of India has identified potential reserves in states like Rajasthan and Jammu & Kashmir, but challenges include high extraction costs and environmental concerns. The government is also exploring offshore mining and international partnerships to secure supply chains. These efforts support India’s target of achieving net-zero emissions by 2070.
Conclusion
Amending the mining act is a strategic move to unlock India’s critical mineral potential, reducing import reliance and bolstering clean energy initiatives.
Source: Outlook Business
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