Team Blitz India
NEW DELHI: The Government will launch the first tranche auction of critical and strategic minerals on November 29. The Union Minister of Coal, Mines and Parliamentary Affairs, Pralhad Joshi will be launching the first ever critical minerals auction process. Twenty blocks of critical and strategic minerals being auctioned are spread across the country. This is a landmark initiative that will boost our economy, enhance national security and support our transition to a clean energy future.
Critical minerals are essential for our country’s economic development and national security. The lack of availability of these minerals or concentration of their extraction or processing in a few countries may lead to supply chain vulnerabilities.
The future global economy will be underpinned by technologies that depend on minerals such as lithium, graphite, cobalt, titanium and rare earth elements (REE). India has committed to achieve 50% of cumulative electric power installed capacity from non-fossil sources by 2030.
Such ambitious plan for energy transition is 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.
Critical and strategic minerals are in high demand and the same is usually met by imports. Critical minerals cater to the needs of sectors like renewable energy, defence, agriculture, pharmaceutical, high-tech electronics, telecommunications, transport, creation of gigafactories etc.
