Facts for Prelims (FFP)
Source: PIB
Context: The Union Cabinet, has approved the amendment of the Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957.
- This amendment specifies the royalty rates for 12 critical and strategic minerals, including Beryllium, Cadmium, Cobalt, Gallium, Indium, Rhenium, Selenium, Tantalum, Tellurium, Titanium, Tungsten, and Vanadium.
- With this approval, the exercise of rationalizing royalty rates for all 24 critical and strategic minerals is completed.
About Critical and Strategic Minerals:
- Critical and strategic minerals are those that are deemed essential for the economic and national security of a country due to their importance in various industrial sectors, including defence, energy, electronics, and manufacturing.
- These minerals are crucial for the production of key technologies, such as renewable energy systems, electric vehicles, and advanced weaponry.
- They are often characterized by their scarcity, high economic value, and irreplaceability in specific applications.
