The government announced on Wednesday that 125 new projects have been initiated in the current financial year to explore critical minerals.
There is a significant demand for critical and strategic minerals, which are mostly imported. These minerals are utilized in various sectors like renewable energy, defense, and agriculture.
“I am pleased to declare that in this financial year, we have undertaken 125 new projects for the exploration of critical minerals,” stated Mines Secretary VL Kantha Rao at a event held in New Delhi.
In addition, he mentioned that the government is providing a 25 percent incentive to exploration agencies for discovering critical minerals.
Recently, an amendment to the mining rule identified 24 minerals as critical and strategic minerals.
India has pledged to achieve 50 percent of its total installed electric power capacity from non-fossil sources by 2030.
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