According to media sources, The Union Cabinet chaired by the Prime Minister Narendra Modi today approved One thousand 500 crore rupees Incentive Scheme to develop recycling capacity in the country for the separation and production of critical minerals from secondary sources.
This scheme is part of the National Critical Mineral Mission (NCMM), which is aimed at building the domestic capacity of and supply chain resilience in critical minerals. The critical mineral value chain comprising exploration, auction and mine operationalization, and acquisition of foreign assets, has a gestation period before they could supply critical minerals to Indian industry.
The Scheme will have a tenure of six years from Financial Year 2025-26 to Financial Year 2030-31. Eligible feedstock is e-waste, Lithium Ion Battery (LIB) scrap, and scrap other than e-waste and LIB scraps. The Scheme will be applicable to investments in new units as well as expansion of capacity and modernization and diversification of existing units. The Scheme will provide incentive for the recycling value chain which is involved in actual extraction of critical minerals, and not the value chain involved in only black mass production.
The incentives under the Scheme will comprise 20 percent Capex subsidy on plant and machinery, equipment and associated utilities for starting production within specified timeframe, beyond which reduced subsidy applicable and Opex subsidy, which will be an incentive on incremental sales over the base year like 40 percent of eligible Opex subsidy in the 2nd year and balance 60 percent in the 5th year from Financial Year 2026-27 to Financial Year 2030-31 on achievement of specified threshold incremental sales.
In terms of key outcomes, the Scheme incentives are expected to develop at least 270 kilo ton of annual recycling capacity resulting in around 40 kilo ton annual critical mineral production, bringing in about 8 thousand crore rupees of investment and creating close to 70 thousand direct and indirect jobs.
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