Hon’ble Union Finance Minister announced setting up of ‘Critical Mineral Mission’ in the Union Budget speech 2024-25 on 23.07.2024. The relevant text of the speech is reproduced below- “We will set up a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. Its mandate will include technology development, skilled workforce, extended producer responsibility framework, and a suitable financing mechanism.” Accordingly, the National Critical Mineral Mission (NCMM) will be set up for seven years from 2024- 25 to 2030-31 with the following vision- “As India embarks on the journey of Viksit Bharat 2047, minerals will continue to play an important role for the nation’s progress. The National Critical Mineral Mission (NCMM) envisions securing a long-term sustainable supply of critical minerals and strengthen India’s critical mineral value chains encompassing all stages from mineral exploration and mining to beneficiation, processing, and recovery from end-of-life products. The NCMM seeks to develop a holistic action plan through strategic interventions in the form of policy reforms, financial support, infrastructure facilities, human resource development, technological advancements and international collaboration. The Government’s aim is to build a globally competitive and resilient critical mineral ecosystem for India.”