India to boost rare earth magnet production amid China's supply curbs: G Kishan Reddy
Speaking to ANI, the minister said, 'The Central Government has decided to produce rare earth magnets in Hyderabad. Our Mining Ministry's NFTSM institute is working diligently, along with various industries, to manufacture the necessary machinery.'
Reddy further added that the government will soon showcase its capabilities in manufacturing permanent magnets.
'Within the next 3-4 months, they will showcase their efforts in manufacturing permanent magnets. This initiative involves collaboration between the industry, mining, and other ministries, and has been discussed with Prime Minister Narendra Modi. The Central Government is working seriously towards the production of rare earth magnets,' he said.
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. (ANI)
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