India Approves $1.88 Billion for Critical Minerals Development

India has allocated 163 billion rupees ($1.88 billion) to advance its critical minerals sector, aiming to secure essential raw materials such as lithium. The federal Ministry of Mines confirmed the funding, which will support domestic exploration and offshore mineral projects.

The government expects an additional 180 billion rupees in public sector investment for critical minerals, highlighting its commitment to reducing reliance on imports. Financial incentives will also be provided to encourage exploration efforts.

India is still developing its lithium processing technology, an area where China dominates. To accelerate progress, New Delhi is engaging with countries like Australia, Russia, and the United States for technical assistance.

In 2023, India identified 30 critical minerals essential for its energy transition and infrastructure growth, reinforcing its push to develop domestic resources and lessen dependence on foreign suppliers.