Staff Reporter
In line with the country’s ambition to generate 50 per cent of its electric power from non-fossil sources by 2030, India has launched the auction of 18 critical and strategic mineral blocks valued at around 30 lakh crore.
While launching the second tranche of the mining auctions in New Delhi today, Coal and Mines Minister Pralhad Joshi said the Government’s efforts are aligned with global sustainability goals, emphasising responsible exploration and extraction of critical minerals. These minerals are crucial for sectors like renewable energy, defence, pharmaceuticals, and high-tech electronics.
The auction process will involve the sale of tender documents followed by online bidding through a transparent two-stage ascending forward auction. An amendment to the MMDR Act in 2023 identified 24 minerals as critical and strategic, empowering the Central Government to grant mineral concessions. Mr. Joshi also announced the Ministry of Mines’ expansion of its Science and Technology Programme to fund research and innovation in startups and MSMEs in the Mining sector.
