Reforms in the mining industry to promote self-reliance

The Indian government has been implementing reforms in the mining industry to promote self-reliance and boost the domestic production of critical minerals and metals like lithium and nickel. Firstly, they have opened up the critical minerals segment to the private sector, allowing private mining companies to participate in the mining process. Secondly, the government is conducting mining auctions themselves, as state governments were too slow in conducting proper mining auctions. Thirdly, the government has addressed mining royalties, reducing the rates to ensure competitiveness. These reforms are expected to attract both Indian and foreign mining companies and potentially contribute to a jump in the mining industry's GDP share from 1.75% to 2.5% in the next five years.