Mobilising capital for India’s critical minerals sector

May 12, 2026 | Policy Brief

Rati Verma, Consultant, Climate and Sustainability Initiative, Kaira Rakheja, Energy Analyst – South Asia, IEEFA, Saloni Sachdeva Michael, Lead Energy Specialist – South Asia, IEEFA, Labanya Prakash Jena, Director, Climate and Sustainability Initiative

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Executive Summary

India’s critical minerals sector continues to face significant investment barriers, including volatile demand and supply dynamics, sharp price fluctuations in mineral inputs, long project gestation periods, and high upfront capital requirements. These structural challenges constrain the steady flow of capital needed to build resilient mining, refining, and processing capacities.

While the National Critical Mineral Mission (NCMM) seeks to establish the regulatory and institutional foundations for strengthening India’s critical minerals supply chain, accelerated sectoral growth will require targeted capital expenditure and effective on-ground execution. The mission provides strategic direction and policy incentives, but its success will ultimately depend on the strength of institutional implementation and the ability to crowd in sustained public and private investment.

To meet its long-term climate and energy transition goals, India must move beyond policy intent toward creating commercially viable and investment-ready critical mineral projects. This will require a stronger focus on de-risking investments, improving financing mechanisms, and enabling a stable ecosystem that supports large-scale industrial development across the value chain.

Author

  • Rati Verma

    Rati Verma is a Consultant at the Climate and Sustainability Initiative (CSI). Her work focuses on the intersection of critical minerals, geopolitics, and sustainable finance, with a particular emphasis on analysing supply-chain vulnerabilities and market dynamics to inform strategic policy decisions. She brings a macro-level, policy-driven perspective to research, ensuring alignment with global standards while remaining grounded in India’s strategic priorities.

    Before joining CSI, Rati worked as a Research Consultant at the Council on Energy, Environment and Water (CEEW) and as a Policy Research Assistant at the World Intellectual Foundation. Through these roles, she developed expertise in geopolitical risk analysis, critical mineral supply-chain security, and global policy interpretation. She has co-authored key research outputs, including an issue brief on rare earth magnet manufacturing and a study on India–Australia rare earth element supply chains.

    Rati holds a Bachelor of Arts in Political Science from Kamala Nehru College, University of Delhi. She has further strengthened her policy expertise through a certification in the Politics and Policy of Artificial Intelligence from the Takshashila Institution and through rigorous preparation for the Civil Services Examination.

    Outside of work, Rati maintains a disciplined fitness routine that supports physical and mental resilience. She enjoys travelling and playing badminton, which help her maintain balance alongside her research work.