Hyderabad: Union Minister for Coal and Mines G. Kishan Reddy announced the launch of the National Critical Minerals Mission with an outlay of Rs 32,000 crore to reduce import dependence and strengthen domestic value creation.
He made the announcement at the second edition of “Indian Critical Minerals Landscape: Foundation for a Sustainable Future,” organised by FICCI with the Ministry of Mines. He said India currently imports nearly 95% of its critical mineral requirements. Therefore, he stressed the need to build a resilient and self-reliant supply chain.
Reddy stated that the government initiated over 4,000 exploration activities across the country under a reform-driven approach. In addition, authorities are setting up nine Centres of Excellence to promote research, innovation and skill development. He added that the National Critical Minerals Mission provides import duty exemptions and dedicated funds to support industry growth.
The Minister also announced that production of permanent magnets under the Rs 7,280 crore Production Linked Incentive scheme will begin by the end of this year. Moreover, he said critical mineral processing units will come up in Andhra Pradesh, Odisha, Maharashtra and Gujarat to boost value addition. He further highlighted efforts to secure overseas mineral assets and expand global partnerships.
Permanent magnet production under National Critical Minerals Mission
Emphasising industrial growth, Reddy said permanent magnet production will mark a key milestone under the National Critical Minerals Mission. He noted that the initiative will support manufacturing, clean energy and advanced technologies. As a result, domestic industries are expected to gain stronger supply security.
Officials and industry leaders at the summit underlined the strategic role of critical minerals in economic development. During the event, FICCI launched a dedicated portal on global critical mineral assets. It also released a joint FICCI–Deloitte report outlining policy recommendations to strengthen India’s mineral ecosystem.
