Daily Current Affair

NRI Banking Issues, The Need for a Comprehensive Data Revolution

1. Introduction: A Critical Data Gap

On June 5, 2026, the Reserve Bank of India (RBI) took a decisive step to mobilise Foreign Currency Non-Resident (Bank) [FCNR (B)] deposits almost on a war footing . This move, designed to shore up foreign exchange reserves and attract much-needed dollar inflows, generated considerable debate in the media. However, a critical gap emerged that stifled meaningful analysis: the lack of an adequate published database on Non-Resident Indian (NRI) banking business, both at the macro and micro levels .

This data deficiency is not a new problem; it is a systemic issue that has long thwarted research, informed policy, and hindered product development for the growing NRI community. As the RBI continues to expand the range of financial products and investment opportunities for NRIs, the need for transparent, granular, and timely data has become more urgent than ever.

2. The Current State of NRI Data Dissemination

The RBI publishes data on NRI deposits through several channels, but the coverage is fragmented and often insufficient for deeper analysis.

2.1 Monthly Data

The RBI Bulletin provides outstanding and year-on-year flow data on NRI deposits, scheme-wise, covering FCNR (B) Accounts, Non-resident External Rupee (NRE) Accounts, and Non-resident Ordinary Rupee (NRO) Accounts, in US dollars . It also includes quarterly figures on total NRI deposits inflows/outflows and net flows in the Balance of Payments tables.

For instance, the RBI Bulletin for June 2026 showed that total NRI deposit flows in April 2026 stood at $764 million, up just 1.73% from $751 million in April 2025. However, beneath this headline stability, the three categories moved in opposite directions: FCNR(B) inflows fell sharply by 38.97% year-on-year to $166 million in April 2026 from $272 million in April 2025 .

2.2 Annual Data

The Handbook of Statistics on the Indian Economy contains time-series data on NRI deposits, scheme-wise, in four tables—two on outstanding balances and two on year-on-year inflows/outflows . An appendix table in the Report on Trend and Progress of Banking in India (RTPBI) gives the outstanding amount of NRI deposits for the financial year to which the report relates and the preceding year, in Indian rupees .

2.3 NRI Loans Data

Data on NRI loans is even more sparse. An appendix table in the RTPBI gives the outstanding amount of loans to non-residents for the relevant financial year and the preceding year . The monthly report “Sectoral Deployment of Bank Credit” clubs loans against FCNR (B) and Non-Resident Non-Repatriable Rupee Deposits with all “Advances against fixed deposits,” making it impossible to isolate NRI-specific lending activity .

2.4 The Data Availability Challenge

This fragmented data landscape is not due to a lack of data at the source. Banks are privileged to be repositories of humongous data in respect of their customers. Data on many of the aforementioned parameters are likely already available in their systems, or with the RBI collected from them through various Returns, statutory and otherwise . The crucial need, however, is their regular dissemination in a user-friendly manner in the public domain. RBI and banks should establish standardised systems and procedures for it .

3. The Shortcomings: What is Missing?

To truly understand the dynamics of NRI banking, researchers and policymakers need access to far more granular data.

3.1 For NRI Deposits

Data must be provided on:

• Number of accounts, bank- and scheme-wise, and balance outstanding.

• Share of top 20 deposits: Understanding concentration risk.

• Balance outstanding per country of origin: To track diaspora wealth distribution.

• Scheme-wise maturity pattern: To assess liquidity risk.

• Cost of NRI deposits and their term deposit rates: To understand pricing dynamics.

3.2 For NRI Loans

Data on loans to NRIs against their term deposits must be provided, including:

• Number of accounts and amount outstanding, scheme-wise.

• Loans outstanding: Bank-wise distribution, purpose-wise classification, maturity pattern, and non-performing loans.

3.3 For Third-Party Products

Relevant data on products sold to NRIs, such as mutual funds, insurance, and other financial instruments, must also be made available.

3.4 A Historical Perspective

The RBI’s Handbook of Statistics on the Indian Economy provides historical time-series data on NRI deposits . For example, NRE deposits grew from ₹392,832 crore in 2015 to ₹822,264 crore in 2024, while FCNR deposits rose from ₹268,106 crore in 2015 to ₹214,549 crore in 2024 . This data is valuable, but it remains at an aggregate level.

4. Recent Policy Interventions: A Step Forward

The RBI’s recent policy interventions highlight the importance of timely data. On June 8, 2026, the central bank announced a US dollar-rupee forex swap facility for fresh FCNR(B) deposits with maturities of three to five years . This was followed on June 17 by the removal of the interest rate ceiling on such deposits . Banks responded quickly, with major lenders raising their USD FCNR(B) rates to as high as 7.10%.

To monitor the impact, the RBI directed banks to submit daily details of FCNR(B) deposits, external commercial borrowings, and overseas foreign currency borrowings mobilised under the concessional swap facility by 6 p.m. every day, including a nil statement on days with no transactions . This real-time data collection is a positive step, but it is not yet available to the public.

5. The Way Forward: A Comprehensive Data Revolution

Given the significance of NRI banking, both for policy formulation and product development, a comprehensive overhaul of the data dissemination system is essential.

5.1 Recommendations

1. Standardised Reporting Formats: RBI and banks should collaborate to establish standardised systems and procedures for data collection and dissemination .

2. Improved Granularity: Data should be provided at the bank-level, scheme-level, and country-level, with breakdowns by maturity pattern, cost, and purpose.

3. Real-Time Public Access: A user-friendly, searchable database with real-time or near-real-time data should be made available to the public.

4. Comprehensive Product Data: Data on third-party products sold to NRIs should also be included.

5. Regular Reviews: The adequacy and utility of the data should be reviewed periodically, with adjustments made as needed.

5.2 The Broader Context

This data revolution is not just about NRI banking. It is part of a larger effort to strengthen India’s statistical infrastructure. The National Statistical Commission has highlighted the need for timely and reliable data from banks, financial institutions, and cooperatives . The RBI’s data warehouse, which covers a wide range of economic indicators, is a valuable resource, but its full potential is yet to be realised .

6. Conclusion

The RBI’s June 2026 move to mobilise FCNR(B) deposits highlighted the critical importance of NRI banking data. However, the lack of an adequate published database, both at macro and micro levels, continues to hold back deeper analyses. Given the significance of FCNR(B) deposits, the database must be bolstered . This will not only help in policy formulation but also product development for NRIs. The path forward is clear: a comprehensive data revolution is needed, one that empowers researchers, informs policy, and benefits the millions of NRIs who contribute to India’s economic growth.

5 Questions & Answers

1. Why is there a need to improve NRI banking data?

A: The lack of adequate published data, both at macro and micro levels, holds back deeper analyses and research on NRI banking. This is particularly important given the significance of FCNR(B) deposits and the need for effective policy formulation and product development for NRIs .

2. What are the current shortcomings in NRI deposit data?

A: Current data is too aggregated. It lacks information on: number of accounts, bank-wise and scheme-wise distribution, share of top 20 deposits, balance outstanding per country of origin, maturity pattern, and cost of NRI deposits .

3. What is the state of data on NRI loans?

A: Data is very sparse. The monthly report “Sectoral Deployment of Bank Credit” clubs loans against FCNR(B) and Non-Resident Non-Repatriable Rupee Deposits with all ‘Advances against fixed deposits,’ making it impossible to isolate NRI-specific lending activity .

4. What recent policy changes have highlighted the importance of NRI banking data?

A: The RBI’s June 2026 move to mobilise FCNR(B) deposits, including a special swap facility and the removal of interest rate ceilings, underscored the need for timely and granular data to monitor the impact of these policy interventions .

5. What are the key recommendations for improving NRI banking data?

A: Recommendations include: standardised reporting formats; improved granularity with data on number of accounts, scheme-wise and country-wise distribution; real-time public access to a user-friendly database; comprehensive data on third-party products sold to NRIs; and regular reviews to ensure data adequacy and utility .

Tokenomics, The Economics of Artificial Intelligence

1. Introduction: The New Currency of Intelligence

The anxiety around spiralling IT-related costs and fears about the AI bubble bursting persist. On June 23, 2026, the South Korean stock market crashed 10%, and other Asian markets followed suit, with varying impact . The economics of AI tokens and their mounting consumption must share the blame. Goldman Sachs Research estimates a massive, 24-fold increase in token consumption by 2030, to about 120 quadrillion tokens per month . The BIS Annual Economic Report, released on June 28, also drew attention to financial figures arising from the sustainability of AI-related investments .

This is not a distant problem; it is a present crisis. Organisations are now waking up to large bills from using AI—called the “token spend explosion”—a classic Jevons Paradox situation where unit token costs are lower but overall consumption and expenditures rise . This analysis examines the concept of tokens, the economics of their consumption, and the implications for businesses and society.

2. What Are Tokens?

When we use generative AI, we give instructions, mostly written or spoken. We assume the model understands our instructions. In reality, human language cannot be processed by AI language models in its organic form. It converts our prompts into tokens with great fluency, giving the impression of comprehension. Under the hood, it is a sophisticated simulation of understanding—converting prompts into mathematical patterns .

A token is the currency of neural networks. It breaks the input string into smaller pieces. Common small words like “and” and “the” are assigned a single token, while longer words, technical jargon, and complex code need many more. If you input a large and complex document, the system will consume tokens rapidly. Non-English languages consume significantly more tokens. When tokens are used for images, audio, or video, they are divided into smaller patches, each requiring many tokens. If the token limit is breached, older information is dropped from the conversation. With all sensory inputs becoming a sequence of standardised tokens, AI achieves a unified approach across data types and diverse digital environments. Tokens make machine intelligence billable .

The consumption of tokens during the training of models runs into billions, even trillions, of tokens, as models ingest enormous data sets across books, websites, news items, research papers, code repositories, and more. It also studies patterns relating to grammar, facts, logic, and domain associations. More tokens are required to train for reasoning tasks .

3. The Economics of Tokens

Larger transformer models have larger token capacity or context windows, and can ingest detailed reports, long transcripts, and even books. They deal relatively more effectively with involved contract analysis, research summaries, and financial reporting. Tokens related to answering questions are tied to intermediate thinking steps as well. Service providers price their services based on the consumption of input and output tokens .

The Token Spend Explosion: Organisations are now waking up to large bills from using AI. Why? Because context windows are larger, more autonomous agents are deployed, and more models are invoked . Auditors jump into the fray to question whether the money spent is producing output in proportion. Dashboards are introduced to track the cost—per transaction, per workflow, per document, per customer, per person, and per hour. HR imposes rules around models, usage thresholds, and consumption ceilings. Organisations are still figuring out how to pack content and precision into token budgets .

The Jevons Paradox: The token spend explosion is a classic Jevons Paradox situation—where increased efficiency in resource use (lower token costs) leads to increased consumption . The RBC Capital Markets CIO survey for 2026 found that the dominant view was that AI token budgets are both manageable and sustainable, despite the notion of 10 respondents exceeding their spending plans . The narrative has moved to how much value is being extracted from each token.

The Token Paradox: Gartner is predicting that with increasing confidence fees and token consumption, the cost of AI coding tools will exceed average salaries of developers by 2028 . The fact that developers are becoming so reliant on AI mystifies the cost equation.

4. Token Optimisation: Strategies for Sustainability

User-side and engineering-side optimisation are both essential to reducing costs .

User-Side Optimisation: To reduce token consumption, users must trim prompts, preclude verbosity, and repeat instructions. It’s best if the format of the output is defined in the question itself, as opposed to repeating vague instructions. Feeding entire documents when only a few paragraphs are relevant is inappropriate .

Engineering-Side Optimisation: This involves retrieval that presents only relevant parts, compressed summaries, and prompt templates that don’t repeat large instruction blocks. Well-engineered systems focus on breaking tasks into stages, and caching reusable content. They store facts, preferences, policies, and context to the model in natural language separately outside the prompt, as structured metadata, injecting only what’s necessary at the moment of inference .

Both will define AI’s economic scalability.

5. Token Chaos: Risks and Governance

Token chaos is no longer theoretical, opening up areas of technical, operational, economic, and governance risks. There have been cases of rare token sequences or “glitch tokens” triggering bizarre model behaviours. There have also been cases of erroneous routing of requests to the wrong servers or “context-window routing errors” called out last year by Anthropic, innocuous token strings causing “model hallucination,” and hostile token streams inducing “memory poisoning.” Then there’s the general lack of comprehension when a smart 500-token prompt shaped by relevant constraints and context outperforms a noise-filled 5,000-token prompt .

Data Localisation and Sovereignty: The token economy is also raising concerns around data sovereignty. As businesses increasingly rely on foreign AI platforms, there is a growing risk of data localisation conflicts . India’s proposed Data Protection Act aims to address some of these concerns, but the tension between the global nature of AI and national regulations is a key challenge. The cost of AI deployment in India is expected to be significantly higher due to expensive data centres, energy costs, and a lack of affordable high-end GPUs . Companies may need to integrate AI with cloud infrastructure to manage costs .

6. Conclusion: The Future of Tokenomics

Tokenomics is about the translation, compression, and governance of human intent within machine intelligence. A defining question of the AI era is whether the monetisation of (artificial) intelligence will deprioritise inherent utility and the spirit of innovation . The Indian IT industry alone is expected to spend over $100 billion on AI-related infrastructure and services by 2028 . The token economy is here to stay. Organisations that can effectively manage and optimise their token consumption will be the ones that succeed in the AI era.

5 Questions & Answers

Q1: What is a token in the context of artificial intelligence?

A token is the fundamental unit of data that an AI language model processes. It breaks down input text into smaller pieces—words, sub-words, or characters. The model then converts these tokens into mathematical representations to understand and generate responses . Service providers price their services based on the consumption of tokens .

Q2: What is the “token spend explosion” and what are its causes?

The “token spend explosion” refers to the rapid increase in costs associated with using AI, driven by larger context windows, more autonomous agents, and the invocation of multiple models . This is a classic Jevons Paradox, where lower unit costs lead to higher overall consumption . Organisations are now introducing dashboards and rules to manage these costs .

Q3: What are the key risks associated with tokenomics?

Key risks include “glitch tokens” that trigger bizarre model behaviour, “context-window routing errors,” and “memory poisoning” from hostile token streams . There is also the risk of “model hallucination” from innocuous token strings . These risks highlight the need for robust technical, operational, economic, and governance frameworks .

Q4: What strategies can organisations use to reduce token consumption?

Organisations can optimise token usage through user-side measures (trimming prompts, defining output formats) and engineering-side measures (using retrieval to present only relevant parts, caching reusable content, and storing context as structured metadata) .

Q5: How does Gartner’s prediction about AI coding tools relate to tokenomics?

Gartner predicts that by 2028, the cost of AI coding tools will exceed average developer salaries . This is driven by increasing token fees and consumption, creating a “token paradox” where reliance on AI ironically increases costs .

Mineral Exploration Needs Rethink, India’s Critical Minerals at a Crossroads

1. Introduction: The Global Scramble for Critical Minerals

The global scramble for access to minerals has never been more intense or more consequential. In early 2025, after export restrictions were imposed on rare earth magnets, the government informed Parliament that domestic electric vehicle manufacturers would be directly impacted. The episode is a stark reminder that mineral security is not an abstract policy concern but an immediate economic and strategic vulnerability [citation:original].

India’s dependence on critical minerals is dangerously high. The country is 100% import-dependent for lithium, cobalt and nickel [citation:original]. Six minerals — bismuth (85.6% import dependency), lithium (82%), silicon (76%), titanium (50.6%), tellurium (48.8%) and graphite (42.4%) — carry important dependencies exceeding 40% [citation:original]. Over 90% of global rare earth processing, 95% of graphite processing, and 79% of refined cobalt production is concentrated in China, making it not merely a trade issue but a geopolitical risk [citation:original]. Currently, nearly 93% of India’s critical mineral requirements are met through imports, exposing key industries to supply risks .

No major industrial economy has grown without secure and sustained access to a broad basket of minerals. Batteries require lithium and cobalt; electrification requires copper; steelmaking requires iron ore; automobiles and electronics require rare earths. As India’s manufacturing share of the economy increases, demand for minerals will grow sharply. In FY25 alone, India imported $58 billion of gold, nearly $4 billion of copper, and $600 million of nickel [citation:original]. Global demand for key minerals such as copper is projected to nearly double by 2040, driven by electrification, renewable energy and electric mobility. Domestic copper demand alone is expected to reach 8.8–9.8 million tonnes by 2047 .

2. India’s Strategic Response: The National Critical Mineral Mission

The government has recognised this urgency. The National Critical Mineral Mission (NCMM), approved by the Union Cabinet on January 29, 2025, aims to secure a long-term sustainable supply of critical minerals and strengthen India’s critical mineral value chains encompassing all stages from mineral exploration and mining to beneficiation, processing, and recovery from end-of-life products . The mission has an outlay of Rs 16,300 crore  (some sources cite Rs 32,000 crore or Rs 34,300 crore across different budgetary periods) .

The NCMM components also include ‘increasing domestic critical mineral production’ and ‘Acquisition of Critical Mineral Assets abroad’ . Under the mission, the Geological Survey of India (GSI) has been tasked with completing 1,200 domestic exploration projects by 2030-31 [citation:original]. GSI has plans to pursue approximately 300 projects for exploration of critical minerals in the upcoming field season, up from 236 in the current field season, with about 125 to 150 of these projects for exploration of rare earths . Between field season 2020-21 and 2025-26, GSI had completed 858 projects for exploration of critical minerals .

The Ministry of Mines also aims to auction over 100 critical mineral blocks by then . For the first time since Independence, a large number of critical mineral blocks were put up for auction this year, and the process has been completed successfully .

3. The Structural Gap: Private Sector Participation

On this front, a structural gap remains. Private exploration spending in Australia and Canada annually exceeds $2 billion for each, while Latin America as a region spends over $3 billion annually. Against this backdrop, private sector spending on mineral exploration in India remains less than $5 million [citation:original]. India’s exploration expenditure is estimated at $17 per square km, a puny amount compared with $124 in Australia and $118 in Canada, the countries with the highest mineral exploration budgets. India has only eight agencies tasked with exploration work compared with over 400 in Australia and Canada .

The Mines and Minerals (Development and Regulation) Amendment Act, 2025, which was passed by Parliament in March 2026, aims to encourage private sector participation in the exploration of critical and deep-seated minerals . It introduces exploration licences for deep-seated and critical minerals such as gold, silver, copper, zinc, lead, nickel, cobalt, and platinum group of minerals . The amendment also removes six minerals from the list of 12 atomic minerals, opening them up for private sector exploration and mining . These minerals have various applications in the space industry, electronics, communications, energy sector, and electric batteries .

Despite these reforms, challenges persist. NITI Aayog has flagged structural issues that disincentivise participation in exploration licensing (EL) auctions. Under current rules, exploration companies receive revenue only after a discovered resource is auctioned and developed—an outcome that can take years, if it materialises at all. Explorers are entitled only to a share of the final auction premium, the value of which is unknown at the exploration stage. Unlike in several other jurisdictions, ELs in India do not confer mining rights, weakening incentives for private participation .

The impact is reflected in auction outcomes. Since their introduction, several states have failed to successfully auction ELs, prompting the Centre to take over the process in late 2024. Of the 13 EL blocks auctioned in the first tranche in March 2025, only seven were successfully concluded . The auction system has also led to aggressive bidding in some cases, with bids exceeding 100 per cent of the assessed mineral value, raising concerns about cost inflation in downstream industries . NITI Aayog has recommended introducing conditional first-come-first-served (FCFS) access for early-stage exploration, with milestones, data disclosure, and rights-based progression, while retaining auctions for downstream mining allocation .

4. Securing Overseas Assets: The Role of KABIL

To supplement domestic efforts, the government has established Khanij Bidesh India Ltd. (KABIL), a joint venture between NALCO, Hindustan Copper Ltd, and Mineral Exploration and Consultancy Ltd . KABIL has been tasked with acquiring critical mineral assets overseas [citation:original].

KABIL has secured five critical mineral blocks in Argentina, with operations already underway . It has signed an Exploration and Development Agreement with CAMYEN, a state-owned enterprise of Catamarca province of Argentina, for exploration and mining of five Lithium Brine Blocks in Argentina in an area of 15,703 Ha . NALCO is also conducting due diligence for acquiring a stake in an operational lithium mine in Australia through KABIL .

Additionally, an MoU has been signed between KABIL and Critical Mineral Facilitation Office (CMFO), Department of Industry, Science and Resources (DISER), Government of Australia for carrying out joint due diligence and further joint investment in lithium and cobalt mineral assets of Australia . India has also signed MoUs with several countries on critical minerals, including a separate agreement with the United States .

5. Recycling and Processing Capacity

To strengthen domestic supply chain resilience, the Union Cabinet has approved a ₹1,500 crore Incentive Scheme to develop recycling capacity for critical minerals from secondary sources . The Scheme, part of the National Critical Mineral Mission, will have a tenure of six years from Financial Year 2025-26 to Financial Year 2030-31. Eligible feedstock includes e-waste, Lithium Ion Battery (LIB) scrap, and scrap other than e-waste and LIB scraps .

The scheme provides a 20% Capex subsidy on plant and machinery, equipment and associated utilities for starting production within specified timeframe, and an Opex subsidy on incremental sales . The incentives are expected to develop at least 270 kilo tonnes of annual recycling capacity resulting in around 40 kilo tonnes annual critical mineral production, bringing in about ₹8,000 crore of investment and creating close to 70,000 direct and indirect jobs .

The government is also setting up critical mineral processing plants in Gujarat, Maharashtra, Odisha and Telangana, with state governments having already allocated land and identified suitable sites . India’s state-owned NALCO is also exploring diversification into rare earth elements, magnesium, and chromite .

6. Conclusion: A Path Forward

India’s mineral exploration framework requires a fundamental rethink. The country is 100% import-dependent for lithium, cobalt and nickel [citation:original]. Over 90% of global rare earth processing, 95% of graphite processing, and 79% of refined cobalt production is concentrated in China [citation:original].

The solution is two-pronged. First, the government must attract private risk capital by reforming the exploration licensing regime. NITI Aayog’s recommendation of conditional first-come-first-served access for early-stage exploration with clear milestones and rights-based progression offers a promising path forward . Second, India must accelerate its overseas acquisition strategy through KABIL while simultaneously building domestic processing capacity and recycling infrastructure [citation:original].

As the Minister for Coal and Mines has stated, significant results are expected in the critical minerals sector within the next one year . However, the window for securing India’s mineral future is narrowing. Without comprehensive reform—including opening exploration to private risk capital, reforming the auction process, accelerating overseas acquisition, and strengthening domestic processing capacity—India’s clean energy transition and manufacturing ambitions will remain hostage to volatile global supply chains.

5 Questions & Answers

Q1: What is India’s import dependence for critical minerals, and why is this a strategic concern?

A: India is 100% import-dependent for lithium, cobalt and nickel [citation:original]. Six minerals carry import dependencies exceeding 40%, including bismuth (85.6%), lithium (82%), silicon (76%), titanium (50.6%), tellurium (48.8%) and graphite (42.4%) [citation:original]. Over 90% of global rare earth processing and 95% of graphite processing is concentrated in China, making it a geopolitical risk [citation:original]. This leaves India vulnerable to price volatility, supply disruptions, and reduced availability .

Q2: What is the National Critical Mineral Mission (NCMM), and what are its key targets?

A: The NCMM was approved by the Union Cabinet on January 29, 2025, with an outlay of Rs 16,300 crore . It aims to secure a long-term sustainable supply of critical minerals and strengthen India’s critical mineral value chains . The mission targets 1,200 domestic critical mineral exploration projects by 2030-31 , over 100 critical mineral block auctions by then , and the establishment of processing plants in Gujarat, Maharashtra, Odisha and Telangana .

Q3: What are the key reforms introduced by the Mines and Minerals (Development and Regulation) Amendment Act, 2025?

A: The Act introduces exploration licences for deep-seated and critical minerals to encourage private sector participation . It removes six minerals from the list of 12 atomic minerals, opening them up for private sector exploration and mining . It expands the scope of the National Mineral Exploration and Development Trust and allows for the establishment of mineral exchanges for transparent trading of minerals . It also liberalises sale from captive mines and expedites mineral auctions .

Q4: What is KABIL, and what has it achieved?

A: KABIL (Khanij Bidesh India Ltd.) is a joint venture between NALCO, Hindustan Copper Ltd, and Mineral Exploration and Consultancy Ltd, established to acquire critical mineral assets overseas . KABIL has secured five critical mineral blocks in Argentina , signed an agreement with CAMYEN for lithium brine exploration in Argentina , and signed an MoU with Australia’s Critical Mineral Facilitation Office for joint due diligence and investment in lithium and cobalt assets . NALCO is also conducting due diligence for acquiring a stake in an operational lithium mine in Australia .

Q5: What challenges does India face in attracting private sector participation in mineral exploration, and what reforms are recommended?

A: India’s private exploration spending remains less than $5 million compared to over $2 billion annually in Australia and Canada [citation:original]. NITI Aayog has flagged structural issues: explorers receive revenue only after a discovered resource is auctioned and developed—an outcome that can take years; and exploration licences do not confer mining rights, weakening incentives . NITI Aayog recommends introducing conditional first-come-first-served access for early-stage exploration, with milestones, data disclosure, and rights-based progression . The Ministry of Mines has stated that private companies and startups are being encouraged and supported to accelerate critical mineral exploration .