Key Points

With applications ranging from electronic chips and household appliances to electric cars and solar panels, the PM, during his address to the nation on the 79th Independence Day, noted that the significance of critical minerals, such as lithium, cobalt, rare earth elements, and graphite, has increased dramatically on a global scale in recent years.

"What wasn't given much thought until yesterday is now the main focus, India must also become self-sufficient in vital minerals," the Prime Minister stated.

He pointed out that the global drive to cut greenhouse gas emissions and clean energy transitions is driving the spike in demand.

PM Modi emphasised that the National Critical Mission was established because critical minerals are essential to industries, technology, energy, and defence.

The PM said that the government wants to improve India's industrial and technological capacities while lowering reliance on imports.

He emphasised the financial burden of importing necessary resources and connected the initiative to the nation's larger goal of energy independence.

The Prime Minister stated that the government is currently working to increase self-reliance to reroute wealth back into the country.

PM Modi also outlined a detailed vision for reforms and achieving self-reliance -- from transforming taxation to empowering small businesses and more.

Speaking to the nation from the Red Fort, Prime Minister Modi emphasised India's path of independence and change, stating that while the country has been performing, reforming, and changing over the last 10 years, the time has come to advance even more forcefully.

PM Modi also established a Task Force for next-generation reforms to review all existing laws, regulations, and practices about economic activity.

The Task Force will work within a set timeline to reduce compliance costs for startups, MSMEs, and entrepreneurs; provide freedom from fear of arbitrary legal actions; and ensure laws are streamlined for ease of doing business.

- IANS