The government on Wednesday said 125 new projects have been taken up in the current financial year for exploration of critical minerals.
There is high demand for critical and strategic minerals, and the demand is usually met by imports. Critical minerals are used in various sectors, including renewable energy, defence, and agriculture.
“I am happy to announce that this financial year, we have taken up 125 new projects for exploration of critical minerals,” Mines Secretary VL Kantha Rao said at an event in New Delhi.
Further, he said the government is offering an incentive of 25 per cent on discovery of critical minerals by 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.