India to boost rare earth magnet production to counter China's supply curbs: G Kishan Reddy
Highlighting India's shift in sourcing strategy, the minister noted that India was previously entirely dependent on China for rare-earth permanent magnets.
"We were 100 per cent dependent on China for rare earth permanent magnets, but recently China denied supplying to us," Reddy said. China had announced in April 2024 that it would impose export controls on certain rare earth-related items, triggering a global supply shortage, including in India. In the light of rare earth magnet production, on Friday, Pankaj Mohindroo, Chairman of India Cellular and Electronics Association (ICEA), welcomed the central government initiatives to ramp up rare earth magnet production in India, particularly the incentives the latter is earmarking for.
Finance Minister Nirmala Sitharaman announced the setting up of the Critical Mineral Mission in the Union Budget for 2024-25 on July 23, 2024. The Union Cabinet in January 2025 approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs 16,300 crore and an expected investment of Rs 18,000 crore by Public Sector Undertakings.
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