Context
The Union government announced a Critical Minerals Mission in Budget 2024.
About Critical Minerals Mission:
- Objectives:
- Boost domestic output and recycling of critical minerals like copper, lithium, nickel, cobalt, and rare earth elements.
- Encourage the acquisition of critical minerals abroad.
- Focus on:
- Domestic production
- Recycling of critical minerals
- Overseas acquisition of critical mineral assets
- Technology development
- Skilled workforce
- Extended producer responsibility framework
- Suitable financing mechanism
- Implementation:
- Government will launch the auction of the 1st tranche of offshore mining blocks to retrieve mineral deposits from the deep seabed.
- Waived customs duty on 25 critical minerals, given their growing demand across sectors.
About Critical Minerals
- A metallic or non-metallic element crucial for modern technologies, economies, and national security, with a potential risk of supply chain disruptions.
- Includes both primary and processed minerals.
- Criteria: A mineral is deemed critical when the risk of supply shortage and associated economic impact is higher than for other raw materials.
- Strategic Lists: Countries create their own critical minerals lists based on strategic needs.
- Usage:
- Essential for electronic gadgets (laptops, electric cars)
- Used in clean energy technologies (wind turbines)
- Vital for high-priority sectors (nuclear energy, renewable energy, space, defence, telecommunications, high-tech electronics)
Source:
The Hindu
Previous Year Question
With reference to India, consider the following statements:
1. Monazite is a source of rare earths.
2. Monazite contains thorium.
3. Monazite occurs naturally in the entire Indian coastal sands in India.
4. In India, Government bodies only can process or export monazite.
[UPSC Civil Services Exam – 2022 Prelims]
Which of the statements given above is/are correct?
(a) 1, 2 and 3 only
(b) 1, 2 and 4 only
(c) 3 and 4 only
(d) 1, 2, 3 and 4
Answer: (b)
