India to finalise rare earth magnet subsidy scheme within 20 days: Kumaraswamy
The Government of India is expected to finalise a scheme to subsidise domestic production of rare earth magnets within the next 15 to 20 days, Union Minister for Heavy Industries and Steel
H D Kumaraswamy
said on Tuesday. The announcement comes amid continuing disruptions in the global supply of rare earth materials, which are essential for several automotive and semiconductor applications, reported PTI.
"One Hyderabad-based company... they are showing interest. They have promised that they will deliver 500 tonnes by this year-end, December," the minister stated, adding that discussions with the Mines Minister and further consultations within the ministry are ongoing.
Decision on incentive size to determine cabinet route
According to Kamran Rizvi, Secretary in the Ministry of Heavy Industries, stakeholder consultations are currently underway to determine the quantum of subsidy. If the incentive exceeds ₹1,000 crore, the proposal will be sent to the Union Cabinet for approval. "If it is less than ₹1,000 crore, the minister and finance minister can do it. If it goes beyond ₹1,000 crore, it has to go to the Cabinet," Rizvi explained.
He further added that while production of rare earth magnets in India will take around two years to materialise, the government is exploring short-term procurement options from Japan and Vietnam. 'Efforts are going on to take from there,' Rizvi noted.
The scheme is aimed at encouraging investment in facilities that can convert rare earth oxides into magnets. These magnets, such as neodymium-iron-boron (NdFeB), are used in electric vehicle traction motors, power steering systems, and other automotive components.
Officials also confirmed that
Indian Rare Earths Ltd
, under the Department of Atomic Energy, has enough reserves to support production of up to 1,500 tonnes of rare earth magnets.
Industry stakeholders and import concerns
Rizvi stated that the exact amount of subsidy support will likely be determined through a competitive bidding process. 'Stakeholder consultations are on, as the minister pointed out, so varied responses have come. Somebody wants 50 per cent, somebody wants 20 per cent.'
Meanwhile, in response to ongoing supply concerns, about 30 automotive firms have recently sought permission from the Directorate General of Foreign Trade (DGFT) to
import rare earth magnets
from China.
The move to formulate this scheme follows recent Chinese restrictions on exports of key metals, which have impacted manufacturing supply chains across multiple countries, including India.
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