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Union Minister of Coal and Mines G. Kishan Reddy said that the central government is formulating an incentive scheme to promote critical mineral recycling. The government has allocated around INR 34,000 crore towards critical mineral development.
Speaking at a national seminar on India critical mineral recycling ecosystem organised by the Material Recycling Association of India (MRAI), the minister said the government would consider policy representations from industry stakeholders on a fast-track basis.
Reddy said India has significant potential to develop a secondary supply of critical minerals by recovering materials from industrial waste and end-of-life products. This could help reduce dependence on conventional mining while lowering its environmental impact.
The government has also proposed establishing Centres of Excellence at major institutions to promote research and development in mineral recovery and processing technologies.
MRAI has urged the government to abolish the mandatory Pre-shipment Inspection Certificate (PSIC) requirement. The association said that the existing system, which relies on overseas agencies, has created procedural delays and bottlenecks in the import of scrap.
Sanjay Mehta, President, MRAI, said the industry is not seeking less inspection but a stronger and more secure inspection system. He said India already has scanning and verification infrastructure at its ports, which can be used to inspect scrap consignments domestically.
MRAI has also sought the removal of the 2.5% Basic Customs Duty (BCD) on aluminium scrap and cupro-nickel alloy scrap. The association has further called for rationalisation of GST on metal scrap and zero-duty provisions for recyclable raw materials under upcoming Free Trade Agreements.
The association has also demanded Industry Status for the recycling sector, which it said could improve access to credit and financial facilities for companies operating in the sector.
