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125 new projects taken up for exploration of critical minerals in FY24: Mines Secretary

30 Nov 2023 Evaluate

Mines Secretary V L Kantha Rao has said that 125 new projects have been taken up in the current financial year (FY24) for exploration of critical minerals. He said there is high demand for critical and strategic minerals, and the demand is usually met by imports. 

He noted that critical minerals are used in various sectors, including renewable energy, defence, and agriculture. He said in a move to boost domestic exploration of critical minerals, the government has announced an incentive of 25 per cent of the approved project cost for exploration agencies.

Recently, 24 minerals were notified as critical and strategic minerals through an amendment in the mining rule. India has committed to achieving 50 per cent of cumulative installed electric power capacity from non-fossil sources by 2030.


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