Government Unveils Financial Incentives for Critical Minerals Development

The government announced financial incentives for the development of critical minerals, including lithium. Emphasis will be on securing loans from multilateral financial institutions and fostering global R&D collaboration. The initiative aims to secure the country's supply chain and encourage domestic and international mining ventures.

The government has declared financial incentives aimed at accelerating the development of critical minerals, including lithium, announced Mines Joint Secretary Veena Kumari Dermal during the Budget Seminar on the National Critical Minerals Mission.

An emphasis will be placed on securing loans from multilateral financial institutions to bolster this sector, along with fostering global R&D collaboration across the critical minerals value chain.

To encourage the involvement of Indian public and private sector companies in acquiring overseas assets, the government will offer targeted subsidies for mining and infrastructural development. Furthermore, the mines ministry will collaborate closely with the Ministry of External Affairs to support the creation of mineral evacuation infrastructure.

(With inputs from agencies.)