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Critical minerals push in Budget 2024: Customs duty exemption, auction of offshore minerals & more

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Currently, the customs duty for these 25 minerals varies between 5 and 7.5 percent. Cutting it to zero will reduce input costs and help the domestic industry. India is dependent on China and other countries to meet its requirement of critical minerals including lithium, cobalt and REE. From mobile phones to electric vehicles, solar panels, semiconductors and wind turbines, all modern technologies are dependent on critical minerals such as lithium, graphite, cobalt, thallium and rare earth elements. New Delhi: In what could give a fillip to India’s critical minerals sector, Union Finance Minister Nirmala Sitharaman Tuesday announced a slew of…

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