How does the National Critical Minerals Mission impact India's economy
Exploring the economic implications and objectives of the National Critical Minerals Mission with a budget of ₹34,300 crore over 7 years.
The National Critical Minerals Mission in India focuses on reducing the country's dependency on critical minerals imports and promoting domestic exploration and mining. Here are some ways in which this mission impacts India's economy:
- Boosting domestic production of critical minerals reduces the need for imports, saving foreign exchange and improving the trade balance.
- Developing a self-reliant supply chain for critical minerals can enhance India's industrial competitiveness and attract investments in the mining sector.
- Creating employment opportunities in the mining and related industries, contributing to economic growth and poverty reduction.
- Promoting research and development in mineral exploration technologies can lead to innovation and technological advancements, benefiting various sectors of the economy.
- Enhancing the security of critical minerals supply for strategic industries such as defense, electronics, and renewable energy.
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3 months ago