Union Minister for Mines and Coal Pralhad Joshi, the government has given an incentive of 25% of the approved project cost for exploration agencies in an effort to encourage domestic exploration of essential minerals. The decision intends to reduce India's dependency on imports and promote self-sufficiency in these essential resources by accelerating the discovery and mining of essential minerals inside its boundaries.
"In a move to boost exploration of critical minerals in the country, it has been decided that an incentive of 25% of the approved project cost will be extended to exploration agencies," the minister said in a post on X. He added that this incentive will be provided through National Mineral Exploration Trust and will help in the discovery of critical minerals in the country.
The minister said both public and private sector exploration agencies are eligible to benefit from the 25% financial incentive upon successfully uncovering critical minerals during their projects. Critical minerals play a pivotal role in modern industries, from electronics to defense and renewable energy. With global demand for these minerals on the rise, the government's decision to bolster domestic exploration efforts is a strategic move to ensure India's long-term growth and security.