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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