The government can auction 100 blocks that have been identified by the Geological Survey of India or exploration.
India is planning to amend the Mines and Minerals (Development and Regulation) Amendment Act 2023 to specify the use of funds currently earmarked at 5,600 crore for exploring critical mineral mines overseas, according to a top official. The proposed amendments also aim to introduce a tailings policy and modify the royalty structure to facilitate the extraction of critical minerals from waste materials, the official added.
Western Coalfields Limited (WCL) has discovered significant concentrations of rare earth elements and critical minerals in its mines in Maharashtra, potentially transforming waste material into revenue-generating resources and diversifying the company's business.
India is growing fast, but to keep growing strong, the government must make more things at home, create jobs, and spend money wisely, suggests Rajiv Memani, regional managing partner, Africa-India Region, EY.
New investors should enter gradually and with a long horizon. 'Staggered investment through systematic purchase plans is advisable rather than lump-sum buying.'
The fiscal tilt towards capex benefits companies in investment-related sectors like capital goods, defence equipment, engineering & construction and metal & mining. The planned cut in revenue expenditure will weigh on companies in consumption sectors like FMCG, consumer durables and retail.
In June last year, India unveiled its first list of 29 critical minerals open for private sector exploration and mining. Since then, 38 critical mineral blocks have been auctioned, but only 14 - less than 37 per cent - have found bidders. This modest achievement was secured only after the Centre conducted a second round of auctions when the first round fell flat, failing to attract the minimum required bidders.
'Both initiatives are welcome moves and we would commit ourselves with focused attention aligned with the national priorities, and pursue our exploration initiatives.'
In a significant move to enhance its strategic resource security, India has officially released its first-ever critical minerals list, identifying 30 key critical minerals crucial to the nation's economic growth and technological development. This pioneering step aims at reducing import dependence, enhancing supply-chain resilience, and supporting the country's net-zero objectives. Union Minister Parliamentary Affairs, Coal and Mines Pralhad Joshi, while releasing the Critical Minerals for India report in New Delhi on Wednesday, said, "India is readying for an Atmanirbhar Bharat."
The Centre has increased the area granted to individual players by more than four fold in order to boost mining of critical minerals. Issuing an order on Tuesday, the government said, for mining leases, the area has been expanded from the current limit of 10 sq km to 50 sq km. For prospecting licences (granted in the case of composite licence), the limit has been increased from 25 sq km to 100 sq km.
'What the Americans want is to destabilise Iran. For destabilising Iran, you need access. 'One access is through Iraq. The other access is through Pakistan.'
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
'New Delhi is not naive about its foreign policy choices.'
'Trump has personally weighed in to overcome doubts and reservations about Pakistan among his top advisors.'
Prime Minister Narendra Modi's state visit to the US is expected to see discussion on India's possible entry into a US-led global alliance on critical minerals, officials told Business Standard. In June last year, the US, the European Union, and other G7 partners launched the Minerals Security Partnership to ensure that China did not further strengthen its grip on supplies of critical minerals the world over. Various ministries, including the Ministry of Finance, have communicated to the Ministry of External Affairs to explore the possibility of India joining the partnership, officials said.
The Union Government on Thursday said that 5.9 million tonnes of lithium reserves have been found for the first time in the country in Jammu and Kashmir. Lithium is a non-ferrous metal and is one of the key components in EV batteries. "Geological Survey of India for the first time established Lithium inferred resources (G3) of 5.9 million tonnes in the Salal-Haimana area of the Reasi district of Jammu and Kashmir," the ministry of mines said on Thursday.
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'Mining jobs get created in the most backward districts of India's poorest states,' says Anil Agarwal.
The US is currently Earth's most powerful country and a certain latitude of understanding -- a world view -- is popularly expected from its leadership. From a country identified with freedom, constitution, debate, democracy and the likes of Abraham Lincoln even as it had the most powerful military around, the US, following Trump's actions, seemed repositioned as militarily powerful with other qualities secondary, observes Shyam G Menon.
There was buzz of Piyush Goyal being elevated to Cabinet rank but only Prakash Javadekar made the cut.
n the broader market, both the BSE Midcap and Smallcap indices, were up 1.2% and 0.7% each.
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
The American agency said the data from the two instruments Mineralogy Mapper and Miniature Synthetic Aperture Radar (Mini-SAR) will contribute to its understanding of the lunar environment and are part of its implementation of its space exploration policy which calls for robotic and human missions to the moon.
The compulsion behind India and Japan to deepen security cooperation is in response to China's growing political and economic clout and its assertive behaviour in disputed areas. This has been the key driver for bringing both India and Japan closer in the domain of security cooperation, explains Dr Rajaram Panda.
While Narendra Modi spent fewer days abroad than his predecessor -- 275 days versus Dr Singh's 306 - he has travelled more widely than any other Indian PM.
India scripted history as the ambitious third Moon mission of the Indian Space Research Organisation (ISRO) touched down on the Moon's south pole, propelling the country to an exclusive club of four and making it the first nation to land on the uncharted surface.
The Modi government's array of economic policy has been impressive.
Deputy director for the People's Liberation Army Office for International Military Cooperation Major General Huang Xueping held a video conference with his US counterpart Michael Chase last week.
US Defence Secretary Llyod Austin described China as a pacing challenge for the United States.
The US, he said, rejects any Chinese claim to waters beyond a 12-nautical mile territorial sea derived from islands it claims in the Spratly Islands (without prejudice to other states' sovereignty claims over such islands).
While the gold policy covers every aspect, from sourcing gold to trading and investing in it, experts assert that the policy is incomplete if mining of gold in India isn't promoted.
'There was a revolt. They were fighting for their rights.' 'They lost their rights after colonial forest policies came into place.' 'These freedom fighters were trying to reassert those rights.'
'An internationally established price of crude will encourage more players to invest in India, leading to enhanced domestic production which can be made available to domestic refineries,' recommends Anil Agarwal whose company Vedanta Resources has a controlling stake in Cairn India that operates the country's biggest onland oilfield in Barmer, Rajasthan.
Chandrayaan-3's success is a must for India's space ambitions; we can't afford to lose out. And for realising our space dreams, the Indian private sector must be encouraged because if we lose this race, the moon, Mars, and mineral-rich asteroids will already be crowded before we reach there.
The Group of Ministers on Telangana is set to discuss the draft bill for the creation of Telangana on Saturday.
The Supreme Court order has created a new legal framework for coal mining by ruling that only the Union government and its entities can do it.
Oil and gas players' wish list includes incentivising E&P investments and reintroduction of income tax holiday for exploration and production activities, among others.
Power Minister Piyush Goyal on the government's manufacturing push and other key issues.
At $2.6 trillion, the Indian economy is currently ranked sixth in the world behind the US, China, Japan, Germany and the UK.
The coal-bearing states shall be getting additional revenue from such coal mines.
Terrorism and Afghanistan were the focus points of Prime Minister Narendra Modi's talks with Uzbek President Islam Karimov on his first visit to Central Asia.
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