The Centre will launch the first tranche auction of critical and strategic minerals today. Twenty blocks of critical and strategic minerals spread across the country are to be auctioned. This is a landmark initiative that will boost India’s economy, enhance national security and support transition to a clean energy future.
Union Coal and Mines Minister Pralhad Joshi will be launching the first-ever critical minerals auction process. The Ministry of Mines in a statement said that the auction will be held online through a transparent two-stage ascending forward auction process. The eligible bidder will be selected based on the highest percentage of the value of the mineral dispatched quoted by them. Critical minerals cater to the needs of sectors including renewable energy, defence, agriculture, pharmaceutical, high-tech electronics, telecommunications and transport. India has committed to achieve 50 percent of cumulative electric power installed capacity from non-fossil sources by 2030. Such ambitious plan for energy transition is set to drive the demand for electric cars, wind and solar energy projects and battery storage systems thereby increasing the demand for these critical minerals.