India Unveils New Policy to Boost Critical Minerals Recovery

The Indian government plans to introduce a policy for recovering critical minerals from mining by-products to boost the sector. The budget by Finance Minister Nirmala Sitharaman also highlights reforms, including import duty removals, to promote local mineral processing and enhance economic competitiveness.

The Indian government announced a new policy focused on recovering critical minerals from mining by-products. This initiative, revealed during the budget speech by Finance Minister Nirmala Sitharaman, seeks to invigorate the mining sector by encouraging reforms and best practices.

Significant measures include the removal of import duties on 12 critical minerals—such as cobalt powder, lithium-ion battery scrap, and more. This decision aims to enhance the availability of these materials for local manufacturing, thereby boosting job creation and economic growth within India.

Sitharaman's announcement also underscores a broader strategy to fortify India's standing in global mineral markets. By promoting transformational reforms across various sectors, these changes will lead to increased domestic processing and competitiveness, crucial for industries like electric vehicle manufacturing and renewable energy storage.

(With inputs from agencies.)