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Union Cabinet Approves National Critical Mineral Mission and Revision of Ethanol Procurement Price for 2024-25.

National | Dated: 31 Jan 2025

On January 29, 2025, the Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, approved the following proposals:

🎯 Key Highlights:

  • - The government has launched the 'National Critical Mineral Mission' (NCMM) to develop a robust value chain for critical mineral resources vital for green technologies. The mission will be implemented over seven years with a total allocation of Rs. 34,300 crore.
  • - The Cabinet Committee on Economic Affairs (CCEA) has approved the revised ethanol procurement price for Public Sector Oil Marketing Companies (OMCs) for the Ethanol Supply Year (ESY) 2024-25, which will be in effect from November 1, 2024, to October 31, 2025.
  • - As part of the Government of India's (GoI) Ethanol Blended Petrol (EBP) Programme, this revision sets the administered ex-mill price of ethanol derived from C Heavy Molasses (CHM) at Rs. 57.97 per litre, an increase from the previous rate of Rs. 56.58 per litre.

💡 Other Important Facts:

  • (i) The government has advanced its target for 20% ethanol blending in petrol from 2030 to Ethanol Supply Year (ESY) 2025-26. Public Sector Oil Marketing Companies (OMCs) aim to achieve 18% ethanol blending in ESY 2024-25.
  • (ii) Investments are being made to expand ethanol distillery capacity to 1,713 crore litres per annum to meet the growing demand.
  • (iii) The Ethanol Blended Petrol (EBP) Programme was launched in 2003 by the Ministry of Petroleum & Natural Gas (MoP&NG) to promote ethanol usage in fuel.

📚 Test Your Knowledge:

Recently, what is the total budget allocated for the National Critical Mineral Mission (NCMM) over a period of 7 years?

Correct Answer: 34,300 crore

🚀 Quick Recap: