PM says Cabinet approved scheme to cut dependence on other countries for processing critical minerals

New Delhi, Nov 4 (PTI) Prime Minister Narendra Modi on Wednesday said the Union Cabinet has approved the Capex Support Scheme with an outlay of Rs 2,814 crore to boost domestic critical mineral processing and reduce India's dependence on foreign supply chains.

    "Do you feel India should depend on other countries for processing the critical minerals that power our future? I certainly don't!" Modi asked in a post on X.

    The Prime Minister said Lithium, nickel, and cobalt are essential for EVs, batteries, electronics and defence, yet India remains heavily dependent on imports of refined materials.

    "To address this, the Cabinet has approved a scheme to change this," he said.

    Modi said the key highlights of the scheme are new critical mineral processing plants, capital subsidy to boost investment, greater domestic value addition and stronger supply chains.

    "The principle is clear...India must have capabilities to build technologies of the future," he said.

    Processing of critical minerals remains geographically concentrated in a few global locations, an official statement said.

    This exposes supply chains to geopolitical disruptions, price volatility, and potential supply restrictions, posing severe threats to supply chain resilience and economic security, it said.

    This has implications for national security, economic sovereignty, and the timely achievement of decarbonisation targets, the statement said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)