The government on Wednesday approved Rs 16,300-crore National Critical Mineral Mission (NCMM), envisaging a total outlay of Rs 34,300 crore spread over seven years, with an aim to achieve self-reliance and accelerate India's journey towards green energy transition.

According a release by the mines ministry, public sector enterprises are expected to contribute Rs 18,000 crore to the mission, which aims at promoting exploration of critical minerals within the country and at offshore locations.

Critical minerals such as copper, lithium, nickel, cobalt and rare earth are essential raw materials required to fuel the growth of rapidly-growing clean energy technologies and their expanding uses ranging from wind turbines and electricity networks to electric vehicles and battery manufacturing.

Demand for these minerals is growing with clean energy transitions gathering momentum worldwide.

Briefing the media after the Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw said that the mission aims to reduce the dependence on import of critical minerals and ensure self-reliance.

"This mission is of Rs 16,300 crore," he said, adding that 24 critical minerals have been identified.

Stating that the critical minerals are essential for the economy, the minister said that major objectives of this mission are to increase exploration, reduce import dependence, acquire mineral blocks overseas, develop technologies for processing of critical minerals and recyle the minerals.

A comprehensive plan, he said, is made in this mission.

"The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved the launch of the NCMM with an expenditure of Rs 16,300 crore and expected investment of Rs  18,000 crore by PSUs, etc," the ministry said.

The NCMM will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.