The government said on Wednesday that 125 new projects have been launched in the current fiscal year for the exploration of crucial minerals.
There is a high demand for critical and strategic minerals, and demand is mostly met through imports. Critical minerals are used in various sectors, including renewable energy, defense and agriculture.
“I am happy to announce that we have initiated 125 new projects for exploration of critical minerals this fiscal,” Mines Minister VL Kantha Rao said at an event in New Delhi.
He further said that the government is offering a 25 percent incentive for the discovery of crucial minerals by exploration agencies.
Recently, 24 minerals were notified as critical and strategic minerals through a change in the mining rule.
India has committed to source 50 percent of its cumulative installed electricity capacity from non-fossil sources by 2030.
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