Narendra Modi’s vision of Aatma Nirbhar Bharat and will encourage India to become a 5 trillion dollar economy
Major initiatives initiated by the Ministry of Mines such as auction of offshore mineral blocks, abolition of important mineral missions, abolition of customs duty on 25 important minerals and reduction of basic customs duty on two important minerals and removal of customs duty on blaster copper have been included in the budget”: Mr Reddy
“Reflects our commitment to sustainable development, technological innovation and economic growth”: Mr Reddy
“Increased budgetary allocation for Geological Survey of India (GSI), Bureau of Mines of India (IBM) and National Mineral Exploration Trust (NMET) will encourage exploration work, promote sustainable mining practices and support comprehensive exploration projects”: Mr Reddy’s.
The Union Budget presented today includes a number of transformational reforms and budgetary
Shri G. Kishan Reddy, Union Minister for Coal & Mines said that the Union Budget presented today includes a number of transformational reforms and budgetary allocations aimed at strengthening India’s mineral and mining sectors. The major initiatives being initiated by the Mines Ministry in the budget include 1) auction of offshore mineral blocks (2), important mineral mission (3) abolition of customs duty on 25 important minerals and reduction of basic customs duty on two important minerals (4) removal of customs duty on blaster copper.
Mr. Reddy said that these initiatives reflect our commitment to sustainable development, technological innovation and economic growth. From increasing transparency, utilization of better resources, creating jobs, encouraging investment, these reforms cater to all the urgent needs of the sector and promote the entire value chain of development of critical minerals in India.
The Union Minister highlighted that the auction of the first instalment of offshore blocks under the Offshore Area Minerals (Development and Control) Act
The Union Minister highlighted that the auction of the first instalment of offshore blocks under the Offshore Area Minerals (Development and Control) Act, 2002 will significantly expand our capabilities and opportunities. Research reports of 10 blocks in India’s Special Economic Zone (EEZ) are available for auction for grant of composite licences. Of these, seven blocks of poly-metallic nodules and crust in the Andaman Sea, and three blocks of lime-clay are located off the coast of Gujarat. Mineral blocks with important minerals such as cobalt and nickel are key to producing low carbon technology for producing, storing and transmitting clean energy. In particular, the use of important minerals like cobalt and nickel for foreign mineral resources will support industries like clean energy and steel production.
A big step for the important mineral sector is the launch of the National Mission on Minerals of Importance (NCCM
Apart from this, a big step for the important mineral sector is the launch of the National Mission on Minerals of Importance (NCCM). The mission will address the entire supply chain of important minerals ranging from domestic production to recycling, acquisition of important mineral assets abroad, trade and market access, development of scientific research and technology at various stages of the critical mineral value chain, skilling and efficient personnel building in the field and recycling of critical minerals. The minister said the move will give impetus to the Indian industry to develop recycling capacity in the country for separation and production of important minerals through recycling from secondary sources.
Narendra Modi's vision of a self-reliant India and will encourage India to become a $5 trillion economy
Mr Reddy said the budget proposals and allocations reflect Prime Minister Narendra Modi’s vision of a self-reliant India and will encourage India to become a $5 trillion economy. The removal of import duties on 25 critical minerals will reduce the cost of industries dependent on the other two minerals, attract investment in processing and refining and contribute to the growth of downstream industries. The move is important to protect India from high levels of import dependence and supply risks due to global trends in geopolitical instability. In addition, zero import duty on blaster copper will stabilise the supply chain for copper refineries important to industries such as electronics and construction and increase global competitiveness of Indian copper products.
Mr. Reddy also mentioned that funding for research programmes by the Ministry of Mines
Mr. Reddy also mentioned that funding for research programmes by the Ministry of Mines would encourage innovation and technological advancement in mineral extraction and processing techniques. The support of Jawaharlal Nehru Aluminium Research Development and Design Centre (JNARDDC) will help the aluminium industry to develop new blends and reduce environmental impacts. Finally, a grant from the National Institute of Rock Mechanics (NIRM) will promote research and development to increase safety and productivity in mining operations.
The Minister emphasised that the announcement of the Budget for the mineral sector is a turning point in modernising India’s mining sector and taking a big step towards achieving self-reliance. To promote transparency, innovation and sustainability, these measures will boost our economic growth, environmental management and global competitiveness. read more
