India-US TRUST Initiative Boosts Critical Minerals Mission

New Delhi, Feb 14 (PTI) The India-US TRUST (Transforming Relationship Utilizing Strategic Technology) initiative will help in giving a push to the government's National Critical Mineral Mission, which encourages public and private sector companies to acquire critical mineral assets abroad.

The National Critical Mineral Mission (NCMM), approved by the government for a period of seven years till 2030-31, at an outlay of Rs 34,300 crore, proposes development of stockpiles of critical minerals within the country.

Prime Minister Narendra Modi and US President Donald Trump have agreed on the TRUST initiative, to emphasis on creating strong supply chains of critical minerals, advanced materials and pharmaceuticals.

As per a joint statement issued after the Trump-Modi meeting in Washington, both the countries have decided to launch a recovery and processing initiative for strategic minerals like lithium and rare earth.

The National Critical Mineral Mission (NCMM) aims to build a resilient value chain encompassing mineral exploration, mining, beneficiation, processing and recovery from end-of-life products, Mining body FIMI said.

"NCMM also seeks to encourage Indian public sector undertakings and private companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. TRUST will greatly help to achieve the objectives of NCMM," said R K Sharma, Special Advisor at Federation of Indian Mineral Industries (FIMI).

The two sides will also work together on economic corridors and connectivity infrastructure Under the IMEC (India-Middle East-Europe Economic Corridor) and I2U2 frameworks.

Hemant Jain, President PHDCCI said the announcement to launch the US-India TRUST initiative will catalyze government-to-government, academia and private sector collaboration to promote application of critical and emerging technologies in areas like defense, artificial intelligence, semiconductors, quantum, biotechnology, energy and space, is highly appreciable.

Rana Som, Mentor, Minerals & Mining National Committee, Bengal Chamber of Commerce and Industry (BCC&I) said the IMEC and I2U2 frameworks will help in innovation, secure supply chain, regional stability, cooperation in energy, transportation, infrastructure and jobs.

Assocham President Sanjay Nayar said agreement on negotiation for Bilateral Trade Agreement would pave the way for new trade and investment opportunities between the two nations.