Topic: GS2 – Governance – Interventions for development in various sectors The summit addresses the critical need for domestic production of minerals crucial for India’s economic growth and sustainability goals. |
| Context: |
| ● The news pertains to the “Critical Minerals Summit” organized by the Ministry of Mines in collaboration with various partners to address the importance of domestic production of critical minerals for India’s economic development and clean energy targets. |
Analysis of the news:
- The Ministry of Mines, in collaboration with Shakti Sustainable Energy Foundation, CEEW, and IISD, will host the “Critical Minerals Summit” in New Delhi from April 29th to April 30th, 2024.
- The summit aims to facilitate collaboration, knowledge sharing, and innovation in critical mineral beneficiation and processing.
- It aligns with India’s rapid economic growth and clean energy targets, emphasising the need for securing a domestic supply of Critical Raw Materials (CRMs) for key technologies.
- Participants include industry leaders, startups, government officials, scientists, academics, and policy experts.
- Discussions and workshops will focus on mineral auction progress, policy incentives, and environmentally sustainable solutions for CRM ecosystem development.
- Technical sessions will cover eight key minerals: Glauconite, Lithium, Rare Earth Elements, Chromium, Platinum Group, Graphite, Tungsten, and Vanadium.
- The summit aims to equip stakeholders with knowledge and tools to accelerate domestic CRM production, supporting India’s economic growth and sustainability objectives.
| Critical Minerals and their significance |
What are Critical Minerals? ● Definition: Critical minerals are those minerals that are essential for economic development and national security, the lack of availability of these minerals or concentration of extraction or processing in a few geographical locations may lead to supply chain vulnerabilities and even disruption of supplies. (Source – Ministry Of Mines Website) ● Essential Components: Critical minerals are natural resources that are vital for various industrial sectors, including technology, defence, energy, and healthcare. ● High Economic Value: These minerals possess unique properties and play a crucial role in the manufacturing of advanced technologies and products. ● Limited Availability: Critical minerals are characterised by limited global reserves and concentrated production in a few countries. ● Strategic Importance: They are essential for national security, economic competitiveness, and sustainable development. ● Diverse Applications: Critical minerals are used in diverse applications such as electronics, renewable energy, aerospace, and healthcare industries. Significance for Indian Economy: ● Industrial Growth: Access to critical minerals promotes industrial growth, innovation, and technological advancement, driving economic development. ● Reduced Import Dependency: Domestic availability of critical minerals reduces import dependency, enhances supply chain resilience, and strengthens economic sovereignty. ● Strategic Advantage: Securing a stable supply of critical minerals provides India with a strategic advantage in key sectors and reduces vulnerability to global market fluctuations. ● Job Creation: Development of critical mineral reserves generates employment opportunities, fosters entrepreneurship, and stimulates economic activity in mining and related industries. ● Energy Security: Critical minerals are essential for the development of clean energy technologies, contributing to India’s energy security and transition to a sustainable and low-carbon economy. |
| Practice Question: Discuss the significance of domestic production of critical minerals for India’s economic growth and its alignment with sustainability goals. (150 Words /10 marks) |
