16 publishers · first seen Tue, 03 Nov 2026 00:00 UTC · updated Thu, 05 Nov 2026 03:47 UTC
The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a Rs 2,814 crore capital expenditure support scheme to promote critical mineral processing in India. The scheme aims to develop domestic processing capabilities for lithium and nickel ores and intermediary products into high-purity compounds, with cobalt expected as a by-product. The initiative seeks to reduce import dependence and strengthen India's mineral supply chain. The government will provide a capital subsidy of 30% of eligible investment for setting up four critical mineral processing plants, two for lithium and two for nickel. The scheme will be implemented over five years, from FY 2026-27 to 2030-31. The Union Cabinet also approved a Rs 14,500 crore Viability Gap Funding (VGF) scheme for developing 92 GWh of grid-scale energy storage systems, including 60 GWh of Hydro Pumped Storage Plants, 30 GWh of Battery Energy Storage Systems, and 2 GWh of alternative energy storage technologies.
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