India is set to emerge as a global leader in critical minerals, with permanent magnet production scheduled to begin by the end of this year under a ₹32,000 crore National Critical Minerals Mission, said G. Kishan Reddy, Union Minister of Coal & Mines. The mission aims to reduce import dependence and strengthen domestic value chains across exploration, processing, and manufacturing.

Speaking at the second edition of ‘Indian Critical Minerals Landscape: Foundation for a Sustainable Future’, organised by FICCI and the Ministry of Mines, Mr Reddy highlighted that India currently imports 95% of its critical minerals. “We are committed to converting India’s resource potential into strategic advantage. Permanent magnet production will start by year-end, and we are strengthening the entire value chain—from exploration to advanced processing—to ensure India emerges as a self-reliant leader,” he said.

R&D and processing units to boost domestic production

Nine centres of Excellence have been set up to promote R&D, innovation, and skill development. Over 4,000 exploration projects are underway nationwide. Critical mineral processing units are planned in Andhra Pradesh, Odisha, Maharashtra, and Gujarat to increase domestic value addition. Additionally, 143 coal mines are scheduled for closure by 2028 under sustainable transition plans.

The government is exempting import duties on raw materials for critical minerals and supporting the National Mineral Exploration Trust. Mr Reddy urged industry to invest in advanced technologies, urban mining, recycling, and global asset acquisition to strengthen India’s position in the global minerals ecosystem.

Global collaboration and Industry response

Ed Jager, Minister (Commercial), High Commission of Canada, underlined international cooperation: “Critical minerals are strategic assets shaping the global economy. Canada aims to be a stable and responsible partner for India across exploration, processing, and resilient supply chains.”

Industry leaders welcomed the reforms. Kishore S, COO of Hindustan Zinc Ltd, called it a strong signal of India’s long-term commitment, while Pankaj Satija of JSW Group described it as a “mission moment” for building domestic value chains.

The summit also launched the FICCI Portal on Global Critical Minerals Assets, providing detailed information on mineral blocks and exploration status. A FICCI-Deloitte report outlining strategic recommendations for strengthening India’s critical minerals ecosystem was also released.