Recent Posts
| Aspect | Description |
|---|---|
| Global Economic Growth Projection | Predicted at 2.7% for 2024, up from the previous 2.4% forecast. |
| India’s Growth Outlook | Expected growth rates of 6.9% in 2024 and 6.6% in 2025. |
| Role of Technological Breakthroughs | Advancements in critical mineral processing offer new economic growth opportunities. |
| Critical Minerals Definition | Essential metallic or non-metallic elements for economic or national security. |
| India’s Critical Minerals List | Includes 30 minerals such as Antimony, Beryllium, and Cobalt. |
| Challenges in Critical Mineral Investment | Geographical concentration, supply chain vulnerabilities, and sustainability concerns. |
| India’s Initiatives | KABIL for overseas mineral sourcing, membership in MSP, and regulatory amendments for mineral exploration and use. |
United Nations Department of Economic and Social Affairs Report Highlights
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Global Economic Growth Projection: The world economy is anticipated to grow by 2.7% in 2024, surpassing the earlier forecast of 2.4%.
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India’s Growth Outlook: India is expected to achieve a growth rate of 6.9% in 2024 and 6.6% in 2025.
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Role of Technological Breakthroughs: Advancements in processing and utilization of critical minerals present new avenues for enhancing economic growth.
Indian startup ecosystem is playing a major role in overall global economic growth of the world. This can be witnessed by looking at the recent data of company registration in Jaipur which reflects the growing culture of startups in India including tier 2 cities.
Critical Minerals Overview
- Definition: Critical minerals encompass metallic or non-metallic elements vital for a country’s economic or national security.
- Country-specific Lists: Nations devise lists of critical minerals based on industrial needs and strategic supply risk evaluations.
- India’s List: India identifies 30 critical minerals including Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, and Germanium.
Challenges in Critical Mineral Investment
- Geographical Concentration: Resource concentration in certain regions like the Lithium triangle (Argentina, Chile, Bolivia) may result in supply chain vulnerabilities.
- Supply Chain and Security Concerns: Increasingly, policies in the critical mineral sector are influenced by supply chain and national security considerations, exemplified by the European Union’s Critical Raw Materials Act (2024).
- Sustainability Issues: Unsustainable mining and processing practices pose significant challenges.
India's Initiatives for Critical Minerals
- Khanij Bidesh India Limited (KABIL): Established to identify, acquire, process, and commercially utilize strategic minerals from overseas sources to ensure a stable supply in India.
- Mineral Security Partnership (MSP): India has joined the MSP led by the US to expedite the development of diverse and sustainable critical energy mineral supply chains globally.
- Mines and Minerals (Development and Regulation) Amendment Act, 2023: The Central Government is empowered to auction areas for critical and strategic mineral exploration and extraction.