As per Nitin Gadkari’s Instagram post, the cabinet has approved royalty rates for the mining of three critical and strategic minerals that is lithium, niobium, and rare earth elements, which are also called REEs.
Number one is lithium, whose royalty rate is 3% of the London Metal Exchange price, niobium is 3% of the average sale price, both for primary and secondary sources, REEs that is 1% of the average sale price of rare earth oxide.
The cabinet was chaired by the PM in the morning, the union cabinet has granted approval for royalty rates concerning the mining of three critical and strategic minerals, lithium, niobium, and rare earth elements.
These minerals have utmost importance in economic advancement and national security. The relevance is further underscored by India’s dedication to energy transition with the ambitious goal of achieving major emissions by 2070.
Additionally, this proposal is anticipated to enhance employment generation within the mining sector.
So the benefits India will get out of these minerals:
- It will lead to economic development and enhanced national security.
- India will be less dependent on other countries for these minerals.
- Indigenous mining would lead to a reduction in the importance of setting up related industries.
- Will facilitate energy transition in the health and achievement nature in mission by 2070.
- This will lead to employment generation in the mining sector.
