Ministry of Mines, under the leadership of Union Minister G. Kishan Reddy, is taking significant steps towards advancing India’s mineral exploration sector. In the 6th Governing Body meeting of the National Mineral Exploration Trust (NMET), held at Dr. Ambedkar International Centre, New Delhi, the performance of NMET for the financial year 2023-24 was thoroughly reviewed.
During the meeting, the Annual Report of NMET for 2023-24 was officially released by G. Kishan Reddy, in the presence of Union Minister Dr. Jitendra Singh and Minister of State for Coal and Mines Satish Chandra Dubey. The report highlights NMET’s notable achievements in mineral exploration, emphasizing its dedication to enhancing India’s resource potential.
Key Developments:
- Enhancement of NGDR Portal
In a strategic move towards more efficient resource management and national development, Shri Kishan Reddy has initiated the enhancement of the National Geoscientific Data Repository (NGDR) Portal. This initiative aims to facilitate seamless collaboration for geoscientific data sharing among the Geological Survey of India, Directorate of Hydrocarbons, and the Department of Atomic Energy, under the Ministry of Mines’ guidance. This collaboration is a critical step towards optimizing the use of geoscientific data for the nation’s benefit.
- Reimbursement Schemes
The Governing Body of NMET has approved a revised scheme for Partial Reimbursement of Exploration Expenses, raising the reimbursement ceiling to ₹8.00 crore for Composite License (CL) holders. Additionally, to encourage greater participation from Junior Mining Companies, Shri Kishan Reddy has endorsed a new reimbursement scheme, offering up to ₹20.00 crore for Exploration License (EL) holders. These initiatives are essential for promoting and advancing exploration activities across the country.
- Support for Left Wing Extremism-Affected Districts and Start-ups
NMET is actively driving mineral exploration in Left Wing Extremism-affected districts by offering 1.25 times the standard Schedule of Charges for fieldwork. Moreover, NMET is extending critical support to start-ups and MSMEs under the S&T PRISM scheme of the Ministry of Mines, focusing on cutting-edge technologies such as Artificial Intelligence, automation, and drone technology.
- Incentives for Critical and Strategic Mineral Exploration
In a further effort to bolster the sector, Shri Kishan Reddy announced a 25% exploration incentive for agencies engaged in discovering Critical and Strategic Minerals. This incentive is expected to significantly enhance exploration efforts in these vital areas, contributing to India’s self-reliance in mineral resources.
In addition, G Kishan Reddy urged the States to consider setting up State Mineral Exploration Trust to encourage exploration in Minor minerals on the lines of NMET. He assured complete support from the central government and suggested studying models of various States which have already set up similar systems.
The Minister also stressed the importance of encouraging startups in the mines sector, particularly in areas like AI, automation, and drone technology. He emphasized the need for workshops and roadshows to raise awareness of the various NMET schemes and ensure the full utilization of NMET’s capabilities.
Minister also deliberated on the need to expedite all ongoing exploration projects in J&K and all mineral rich States. Reddy called for cooperative federalism, urging all state governments to work together to advance India’s journey toward self-reliance.
