Reforms aim to give big boost to mineral sector: Kishan
Hyderabad: Union Minister for Coal and Mines G Kishan Reddy inaugurated the National Critical Minerals Mission Outreach Forum (NCMMOF) at the Critical Minerals Processing Seminar at India Habitat Center in the national capital on Friday.
During his speech at the inauguration of the forum, he mentioned that under Prime Minister Narendra Modi's leadership, several reforms have been introduced to enhance the mineral sector performance in the country.
These reforms have facilitated the transparent auctioning of mineral blocks and, in turn, increased accountability. The auction process for 34 blocks has already been successfully completed. 'We are taking further steps to auction additional critical minerals. In the past three years, the Geological Survey of India (GSI) has conducted a total of 445 exploration projects focused on critical mineral extraction. Funds have been allocated for 185 projects through the National Mineral Exploration Trust. We have signed bilateral agreements with countries such as Australia, Argentina, and Chile to facilitate the extraction of minerals from abroad,' he added.
Kishan Reddy said the central government company Kabil has already begun extracting minerals from 15,000 hectares of land in Catamarca province, Argentina. In January of this year, the Union Cabinet approved the National Critical Minerals Mission with an outlay of Rs 16,300 crore. Additionally, central government companies will invest an extra Rs 18,000 crore for this mission. We are focusing on the extraction of critical minerals like lithium, cobalt, and rare earth elements, which are in high demand for promoting clean energy in the country.
The union minister said that by 2040, the demand for critical minerals is expected to increase by four to six times. Currently, India imports 100 per cent of these critical minerals from abroad. The mining sector is continuously striving for self-reliance in the critical minerals sector.
India has now surpassed Japan to become the world's fourth-largest economy this financial year. In this context, the sector is advancing towards meeting the energy needs required to transform India into a developed nation by 2047.
The National Critical Minerals Mission plays a crucial role in ensuring the country's power security. The central government has decided in this year's budget to eliminate the import duty on 12 critical minerals, including cobalt powder, lithium-ion battery scrap, and lead and zinc. Collaboration among government, private sector, public sector, and academia is crucial to strengthen the critical minerals processing industry. The National Critical Minerals Mission Outreach Forum, which launched today, aims to unite various industries within this sector.
This forum will provide an opportunity to raise awareness about the critical minerals industry and its impact on power and food security in the country.
He urged industry representatives to invest in the critical minerals processing sector, as their involvement will help strengthen the mining sector in India. Companies such as Coal India Limited, Hindustan Copper Limited, and Singareni need to acquire blocks both domestically and internationally to commence mining operations.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
36 minutes ago
- Time of India
Panbazar road overbridge to be ready by July: NFR
Guwahati: Construction of the Panbazar road overbridge (ROB), which began last year, is expected to be completed by July, Northeast Frontier Railway (NFR) officials said. The bridge is likely to ease traffic congestion in the Paltan Bazar and Panbazar areas, two of the city's oldest cosmopolitan areas. Tired of too many ads? go ad free now "As of now, concretisation work on the bridge's approaches is going on. But most of the work has been completed, including laying the foundational structures, significant fabrications, and placing the bow string girders. Advanced sub-soil strengthening through geo-cell technology has also been completed. The project is expected to be complete by July this year," said Kapinjal Kishore Sharma, chief public relations officer, NFR. The construction work of the ROB has not been progressing on a smooth note. The CPRO said the presence of the fire brigade station posed a challenge in the stacking of construction materials, limiting workspace efficiency. Approximately Rs 48 crore in cost, the project was undertaken by a Kolkata-based construction company to facilitate the smooth movement of the electric locomotives as part of the NFR's ongoing electrification process, where high-voltage lines have been installed. However, the old ROB, which was built in 1965, had turned into a 'dead wire zone'. The area under the bridge was a neutral point, and since it was not charged, it restricted the speed permanently to 15 km/h. As a result, locomotives approaching Guwahati railway station failed to maintain the required momentum, causing them to halt in that area. "Waterlogging also used to be a recurring challenge, especially during heavy rains, causing signal failures and disruptions. Tired of too many ads? go ad free now With the necessary adjustments to this project, the lifted track levels will prevent waterlogging, ensuring smooth operations even during monsoons," Sharma said. He added that the new ROB will aim to address the limitations of its predecessor while introducing significant enhancements. With a span of 60 meters, it will provide improved vertical and horizontal clearance. It will also feature a three-lane wide road replacing its two-lane limitations, which will increase its capacity to handle higher volumes of road traffic as well, thus ensuring a smoother transportation system for commuters.
Time of India
37 minutes ago
- Time of India
ICICI sought to acquire HDFC, reveals chairman Deepak Parekh
Former HDFC chairman Deepak Parekh and ICICI Bank chief Chanda Kochhar MUMBAI: Former HDFC chairman Deepak Parekh, in a candid disclosure, said that then ICICI Bank chief Chanda Kochhar had proposed a merger between the two lenders - well before HDFC's eventual reverse merger with its banking subsidiary. During an interaction with Kochhar on her channel, Parekh said: "I remember you talking to me once. I remember it very clearly. It's never been talked about in public, but I'm willing to share it now. You said that ICICI started HDFC. 'Why don't you come back home?' That was your offer." Parekh said he declined the offer, saying "it won't be fair" or "proper with our name and the bank and all". Parekh said the eventual merger with HDFC Bank, completed in July 2023, was driven mainly by regulatory pressure. RBI had classified NBFCs like HDFC, then holding assets over Rs 5 lakh crore, as systemically important, breaching the Rs 50,000-crore threshold. "RBI supported us and they pushed us into it to some extent and they helped us," he said. However, he added that there were "no concessions, no relief, no time, nothing". Describing the day the merger concluded, Parekh called it "a sad day and a happy day". He said, "It's good for the institution. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 180k traders turn to IC Markets for optimum CFD trading conditions IC Markets Sign Up Undo It's good for the country to have large banks. Look at how large Chinese banks are. We have to be bigger, larger in India." Parekh believes that Indian banks must grow through acquisitions to become stronger in future. On broader economic concerns, Parekh cited persistent uncertainty in supply chains, trade policy, and export conditions as top CEO concerns. Calling insurance the "least understood product", Parekh criticised "mis-selling by banks" driven by high upfront commissions. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
37 minutes ago
- Time of India
HC stays state relief for Group-C & D jobless school staff
Kolkata: Calcutta High Court on Friday stayed till Sept 26 the state's interim relief for Group C and Group D employees of state-run schools who lost their jobs following a Supreme Court order on April 3. Tired of too many ads? go ad free now The state had announced a monthly interim relief of Rs 25,000 for Group C employees and Rs 20,000 for Group D employees. Another section of candidates, who were wait-listed, moved the HC praying for a stay on the state scheme as it "frustrated" the SC order. Justice Amrita Sinha held that people whose jobs were terminated by the SC order could not be provided such a support after the apex court had decided the issue of illegal appointments conclusively and opined that the appointments were a result of "fraud". Getting refund of the money already disbursed to the beneficiaries would be a problem if the state scheme was found to be in violation of law after the final hearing, she reasoned. The court also took note of the fact that the state welfare scheme was announced for a particular group who would not be doing any work for the state. "Paying persons gratuitously, who are not serving the state but are either sitting at home or are engaged elsewhere, does not appeal to the court," Justice Sinha held, adding that the state had applied a "pick and choose" method for determining the beneficiaries of the welfare scheme. "There are two sets of candidates. One set comprises appointed candidates whose jobs were terminated and the other set comprises the wait-listed candidates. Both sets are jobless now," Justice Sinha said, holding that the state scheme for a particular group "intended to provide succour to the tainted terminated candidates". Justice Sinha acknowledged the state's legislative competence to formulate a welfare scheme but held that such a scheme should be applied equally. Tired of too many ads? go ad free now "Whether it is proper for the state to create a class of favoured candidates out of a bigger class of unemployed candidates is a matter to be decided after hearing (all) parties," she said. The court did not buy the state's argument that the petitioners should not have approached the HC when a review petition by the state was pending before the SC. It recalled that the state had proceeded to publish the scheme when its own review petition was pending before the apex court. Justice Sinha directed the petitioners to file affidavits within four weeks and the state to file an affidavit in reply within a fortnight after that before the petition would come up for hearing next.
