Boosting Domestic Mineral Production: Government Revises Royalty Rates

The government approved a plan to rationalize royalty rates on graphite, caesium, rubidium, and zirconium, aiming to boost domestic production. Mineral blocks containing these critical resources will be auctioned, unlocking other valuable minerals in the process. The decision intends to enhance resource availability and support economic growth.

In a strategic move to enhance domestic mineral production, the government has approved the rationalization of royalty rates for graphite, caesium, rubidium, and zirconium. This decision, announced by Information and Broadcasting Minister Ashwini Vaishnaw following a Cabinet meeting, is poised to open new opportunities for resource extraction.

The auction of blocks containing these essential minerals is expected to unlock not just graphite, caesium, rubidium, and zirconium, but also other critical minerals often found alongside them, such as lithium, tungsten, and rare earth elements. These auctions represent a significant step towards bolstering the country's mineral landscape and reducing dependence on imports.

By promoting the auctioning process, the Cabinet aims to secure a stable supply chain for industries reliant on these materials, thus fostering economic resilience and growth. The initiative reflects the government's commitment to tapping into domestic resources to support various technology-driven sectors.

(With inputs from agencies.)