News Excerpt:

The Critical Minerals Summit was concluded in New Delhi on a note of strategic collaboration and policy insights, marking significant strides towards India's critical minerals objectives.

Objective of the summit:

• The objective of the Summit was to equip government and industry stakeholders with the knowledge, connections and tools necessary to accelerate the domestic production of Critical Minerals, supporting India's economic growth and sustainability objectives. 
• The Summit served as a platform for transformative dialogue and collaboration, setting the stage for further conversations for short listing the steps required to be taken for India's emergence as a global leader in the critical mineral sector.

Major takeaways from the summit:

• During the summit emphasis was placed on a cluster-based approach to promote synergies in mineral extraction, refining and end-use, particularly in low-carbon technologies. 
• The discussion underscored the importance of regulatory certainty, financing frameworks and ESG standards to attract investors.

What are critical minerals?

• Critical minerals are those minerals that are essential for economic development and national security.
• A mineral is labelled as critical when the risk of supply shortage and associated impact on the economy is (relatively) higher than the other raw materials.

Significance of critical minerals:

• Critical minerals are the foundation on which modern technology is built. From solar panels to semiconductors, wind turbines to advanced batteries for storage and transportation, the world needs critical minerals to build these products. 
• Simply put, there is no energy transition without critical minerals, which is why their supply chain resilience has become an increasing priority for major economies. 
• India’s future economic prosperity will depend on how well we can use our vast energy and mineral resources to play to our strengths, and how well we can adapt to follow the global market shift towards zero emissions.

Factors impacting criticality of these minerals:

The Government has released a list of 30 critical minerals for India.

1. Antimony
2. Beryllium
3. Bismuth
4. Cobalt
5. Copper
6. Gallium
7. Germanium
8. Graphite
9. Hafnium 
10. Indium
11. Lithium
12. Molybdenum
13. Niobium
14. Nickel
15. PGE
16. Phosphorous
17. Potash
18. REE
19. Rhenium
20. Silicon
21. Strontium
22. Tantalum
23. Tellurium
24. Tin
25. Titanium
26. Tungsten
27. Vanadium
28. Zirconium
29. Selenium
30. Cadmium.

The Ministry of Mines has increased focus on exploration of these minerals in the country through Geological Survey of India (GSI) and other agencies.