First auction process of 20 rare minerals will start from today, know all the details here

The process of becoming self-reliant in rare minerals used in cutting-edge industries like electric vehicles, solar energy, semiconductors, and communications can gain momentum on Wednesday, November 29, 2023.

The government is going to start the auction of rare minerals for the first time on Wednesday. Coal and Mineral Minister Prahlad Joshi will launch it. A large number of foreign guests and representatives of foreign governments based in New Delhi will also participate in the event being organized for this.

In the first phase, the auction process of 20 rare minerals spread across the country will start. The central government says that this will strengthen the economy, strengthen national security, and promote the use of clean energy in the country.

The government believes that due to not being self-reliant on rare minerals, India's economic development in the future may also be affected due to disruption in the supply chain of these industries.

Their need is increasing in India for building huge factories, making medicines for rare diseases, and also in defense technology. Currently, only a few selected countries in the world like China, Australia, and America are in a strong position in terms of rare minerals.

In the information given by the government, it has been said that the role of rare minerals like lithium, graphite, and titanium will be very important in ensuring economic growth in the future. The consumption of these minerals is increasing in India and their import is also increasing.

However, the recent discovery of reserves of some rare minerals in the Ladakh region has increased the confidence of the Indian government that it can become self-reliant in its production. Apart from this, the government is also promoting the exploration of these minerals in marine areas.