Suryaa National Desk: The Union Cabinet, chaired by the Prime Minister, has approved a new scheme with an outlay of Rs 2,814 crore to accelerate the processing of critical minerals in the country. The initiative aims to promote the processing of lithium and nickel, which are essential for electric vehicles, energy storage batteries, and advanced electronics manufacturing.
The government intends to significantly increase domestic capacity for the extraction, processing, and refining of lithium and nickel. Under this scheme, capital subsidies and incentives will be provided to domestic and international companies that convert raw minerals into battery-grade materials. This financial support is intended to reduce reliance on imports and strengthen the local supply chain.
Key objectives of the scheme include the establishment of domestic refining units and infrastructure for processing centers. The initiative seeks to ensure a stable supply of raw materials for the expanding electric mobility and clean energy sectors. Additionally, the scheme aims to reduce dependence on foreign dominance in critical mineral supplies and promote research and development in environmentally friendly, cost-effective recycling and processing technologies. Government sources stated that this incentive program is expected to attract private investment and create employment opportunities.
