Explanation:

Union Ministry of Mines has set up joint venture company namely Khanij Bidesh India Ltd. (KABIL) to ensure a consistent supply of critical and strategic minerals to Indian domestic market.

• It will carry out identification, acquisition, exploration, development, mining and processing of strategic minerals overseas for commercial use and meeting country’s requirement of these minerals.
• Help in building partnerships with other mineral rich countries like Australia and those in South America and Africa, where Indian expertise in exploration and mineral processing will be mutually beneficial bringing about new economic opportunities.

Strategic minerals play substantial role to play in development and security of the nation and play critical role in the development of the national economy.

• In India, there are twelve minerals identified as strategic minerals including Lithium, Cobalt, Tungsten, Vanadium, Nickel etc.
• India is having very low domestic resource bases of these strategic minerals and is highly dependent on imports to meet is supply demand.