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Critical Minerals Summit
GS-3 Mains : Economy
Revision Notes
Question : Examine the role of critical minerals in driving technological advancement and achieving sustainability goals.
Organizers
- Ministry of Mines
- Shakti Sustainable Energy Foundation (Shakti)
- Council on Energy, Environment and Water (CEEW)
- International Institute for Sustainable Development (IISD)
Objective
- Equip government and industry stakeholders with knowledge, connections, and tools to accelerate domestic production of critical minerals in support of India’s economic growth.
Critical Minerals
- Essential for economic development and national security.
- Lack of availability or concentration of extraction/processing can lead to supply chain vulnerabilities and disruptions.
- List of 30 critical minerals for India:
- Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, Germanium, Graphite, Hafnium, Indium, Lithium, Molybdenum, Niobium, Nickel, PGE, Phosphorous, Potash, REE, Rhenium, Silicon, Strontium, Tantalum, Tellurium, Tin, Titanium, Tungsten, Vanadium, Zirconium, Selenium, Cadmium
- 24 critical and strategic minerals identified under the MMDR Amendment Act, 2023.
Importance
- Foundation of modern technology.
- Essential for advancement in high-tech electronics, telecommunications, transport, and defense.
- Needed for solar panels, semiconductors, wind turbines, advanced batteries, and other clean energy technologies.
- Vital for the global transition to a low-emission economy and achieving “Net Zero” commitments.
Challenges
- Global market dynamics leading to price volatility and supply disruptions.
- Technical difficulties in extraction and social/environmental impacts amplifying supply risks.
- Global and domestic challenges in securing resilient critical mineral supply chains.
- Strategic partnerships between China and Russia could affect supply chains.
Related Steps by Ministry of Mines
Science and Technology Programme
- Grants for Promotion of Research and Innovation in Start-ups and MSMEs (S&T-PRISM)
- Focus on extraction of strategic and critical minerals.
Multilateral/Bilateral Partnerships
- Secured critical mineral supply through partnerships.
- Included critical minerals in G20 New Delhi Leaders’ Declaration during India’s presidency.
Mineral Security Partnership (MSP)
- India joined in June 2023 (14th member).
- Other members: US, Australia, Canada, etc. (total 14).
- Aims to strengthen critical mineral supply chains for economic and climate goals.
- Encourage investments across the critical mineral value chain.
Conclusion and Way Forward
Critical Minerals Strategy Needed
- India needs a strategy for self-reliance (Atma Nirbhar) in critical minerals.
- Critical for economic growth, green technologies, and national defense.
Action Points
- Identify and develop value chains for critical minerals.
- Engage in bilateral/plurilateral arrangements for resilient supply chains.
- Update critical mineral assessments every 3 years.
- Utilize advanced technologies for mineral discovery and exploration.
- Encourage exploration, especially for deep-seated minerals.
Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2019185