Mining policy, let’s look before we dig

India’s plan to acquire critical mineral assets abroad to secure supplies is a welcome move. But given the scale of its requirements, India needs to play catch-up. An energy transition economy is material-intensive, especially when it comes to critical non-fuel minerals. A comprehensive strategy to maximise benefits through coordinated efforts and leveraging strengths is, therefore, central to India’s chance to make up for lost time.

China is a dominant player in this space. Owing to the geopolitical situation, this makes it even more crucial for India to secure its supplies and avoid a situation similar to Europe’s gas dependence on Russia. The policy must address issues across the spectrum: identification of critical minerals and domestic and international sources, assessment of needs, technological capacities, developing commercial partnerships, R&D to maximise utilisation, and developing alternatives and substitutes. It must bring together multiple stakeholders and players across government departments and ministries, Geological Survey of India, academia and R&D outfits, and public and private businesses. Securing mining options should not be limited to Khanij Bidesh India Ltd (KABIL), the 2019 joint venture company set up by the ministry of mines. Partnerships with other countries are crucial. The India-Australia Critical Minerals Investment Partnership, under which India is considering investing in five mines and setting up processing units near them, is an example.

It bears repetition that India must invest in R&D for alternative and substitute materials, extraction from secondary sources and waste. It must build its capacities, work with allies and partners to ensure that a clean energy future is secure and accessible to all.