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India.com
a day ago
- Business
- India.com
China to get sleepless nights as Modi government makes Big move into Rare Earth magnets production, Rs 13450000000 to...
The demand for rare earth minerals is increasing quickly across the globe. These minerals contribute to several applications, like smartphones, electric vehicles, defense apparatus, and renewable energy technologies. Earlier in July, Union Minister of Heavy Industry and Steel HD Kumaraswamy stated that the Central government has drafted a proposal to offer a total of Rs 1,345 crore in subsidies to improve rare earth magnet manufacturing. This announcement is intended to strengthen critical technology supply chains in the context of restrictions placed on exports, primarily from China. Kamran Rizvi, the Secretary at the Ministry of Heavy Industries, has said that a draft scheme for rare earth magnet processing has been circulated for inter-ministerial consultation. The scheme is likely to provide incentives for establishing manufacturing infrastructure in the full value chain – mineral extraction and refining to manufacture of finished magnets. Kamran Rizvi, Secretary at the Ministry of Heavy Industries, stated that any manufacturer who does the end-to-end processing of rare earth oxides to finished magnets can receive the subsidy. This scheme will include both private and public sector enterprises. China's overwhelming control of global rare earth processing – commanding over 90 per cent of the world's magnet production capacity–has created significant vulnerabilities for industries worldwide. These materials are critical across multiple sectors, including automobiles, home appliances, and clean energy systems.
India Gazette
11-07-2025
- Business
- India Gazette
Rs 1,345 crore allocated to incentivise rare earth magnets production: Minister Kumaraswamy
New Delhi [India], July 11 (ANI): The central government has earmarked Rs 1,345 crore to incentivise rare earth magnets production in India, aimed at building domestic capacity when there are reports of global short supply. 'Some progress is going on (on the rare earth magnet production front). We have already allocated Rs 1,345 crore (for subsidy). We are on course to select the manufacturers,' Minister for Heavy Industries HD Kumaraswamy told reporters at a press conference Friday. Heavy Industries Secretary Kamran Rizvi, accompanying the minister, said the scheme has been circulated and it is currently under inter-ministerial consultation. 'We are interested only in magnets. Anybody who gives us magnets will get incentives,' the top official said. It is expected that there will be at least 2 manufacturers who will participate in this program. Early this April, China announced a decision to implement export controls on certain rare earth-related items, pushing a supply shortage across the world, including India. Meanwhile, India is in touch with the Chinese side, seeking predictability in the supply of rare earth metals -- which had been put under the export controls regime by the Xi administration. China's overwhelming control of global rare earth processing - commanding over 90 per cent of the world's magnet production capacity - has created significant vulnerabilities for industries worldwide. These materials are critical across multiple sectors, including automobiles, home appliances, and clean energy systems. Beyond China, there are only a few alternative suppliers of critical minerals. 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. Recently, Union Minister for Coal and Mines G Kishan Reddy said the central government is actively encouraging private companies to mine and explore critical minerals overseas and bring them back into the country to serve the needs of the domestic industry. (ANI)
The Hindu
11-07-2025
- Automotive
- The Hindu
Centre earmarks ₹500 crore for e-truck purchases under PM E-Drive scheme
The Centre on Friday unveiled a scheme to provide financial incentives for purchase of electric trucks under the PM E-Drive initiative, where a sum of ₹500 crore has been set aside for 5,600 electric trucks. Of this financial outlay, a fifth is dedicated for vehicles registered in Delhi. The sum of ₹500 crore is within the total outlay of ₹10,500 crore for the PM E-drive scheme, which came into effect in October 2024 for a period of two years to support the shift to electric mobility in the country. The scheme for e-trucks offers a maximum incentive set at ₹9.6 lakh per vehicle. The incentive will depend on the gross vehicle weight of the electric truck and will cover those above 3.5 tonnes and up to 12 tonnes of weight (N2 category), and trucks weighing between 12 tonnes and up to 55 tonnes. These incentives will be offered as an upfront reduction in the purchase price and reimbursed to OEMs via the PM E-DRIVE portal on a first-come, first-serve basis, a the Ministry of Heavy Industries said in a press statement. To receive the incentive, the manufacturer will have to provide warranties for battery for a period of five years or 5 lakh kilometres, and for the vehicle and motor for a period of five years and 2.5 lakh kilometres. To qualify for the incentives, the scrapping of old, polluting trucks is also mandatory. A dedicated provision for 1,100 e-trucks registered in Delhi has also been made at an estimated cost of ₹100 crore within this scheme in order to address the capital's air quality challenges. 'Diesel trucks, though constitute only 3% of the total vehicle population, contribute to 42% of transport-related greenhouse gas emissions and significantly worsen air pollution. This pioneering scheme, represents India's first dedicated support for electric trucks,' said Minister for Heavy Industries H.D. Kumaraswamy. 'The FAME scheme did not have any component on electric trucks and this scheme is the first time that the government is launching a customer-facing electric truck scheme in which we are directly encouraging the customers to purchase electric trucks by providing them a reasonable subsidy, so that this movement can be driven from demand side as well as supply side,' said Secretary in the Heavy Industries Ministry Kamran Rizvi. Friday's announcement is within the framework of the PM E Drive scheme approved by the Cabinet in September last year. The scheme for promotion of electric mobility in the country has an outlay of ₹10,900 crore over a period of two years. It lays down subsidies or demand incentives worth ₹3,679 crore for electric two-wheelers, three-wheelers, ambulances, e-trucks and other emerging EVs. The scheme supports 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses. The government has already extended support for 1.6 lakh three wheelers, 12 lakh two wheelers and 10,400 buses, which include 4,500 buses for Bengaluru, 2,800 buses for Delhi, 2,000 buses for Hyderabad, 1,000 buses for Ahmedabad and 600 for Surat. The Ministry will announce the scheme for e-ambulances by December 2025 or January 2026. (With PTI inputs)
Time of India
11-07-2025
- Automotive
- Time of India
Electric truck push: Government offers up to Rs 9.6 lakh incentive per vehicle under PM E-DRIVE; SAIL to procure 150 e-trucks
The government on Friday launched its first customer-facing incentive scheme for electric trucks under the PM E-DRIVE initiative, offering up to Rs 9.6 lakh per vehicle. The scheme, announced by Union minister , has earmarked Rs 500 crore for e-truck incentives out of a total Rs 10,900 crore programme outlay. Tired of too many ads? go ad free now Targeting industries such as ports, logistics, steel and cement, the scheme will support the adoption of up to 5,600 electric trucks. 'Diesel trucks, though constituting only 3 per cent of the total vehicle population, contribute to 42 per cent of transport-related greenhouse gas emissions,' Kumaraswamy said, calling the scheme a pioneering step towards sustainable freight mobility and the Viksit Bharat 2047 vision. The scheme offers incentives depending on the gross vehicle weight of trucks, with the highest support pegged at Rs 9.6 lakh, PTI reported. These incentives will be given as an upfront discount to buyers and reimbursed to OEMs via the PM E-DRIVE portal on a first-come, first-served basis. Importantly, scrapping of old polluting trucks is mandatory to avail benefits. The Ministry of Heavy Industries stated that incentives would cover electric trucks under the N2 (3.5–12 tonnes) and N3 (12–55 tonnes) categories, as per the Central Motor Vehicle Rules. Trucks supported under the scheme must carry a five-year/5 lakh km battery warranty and five-year/2.5 lakh km warranty for motor and vehicle. In a post on X, Kumaraswamy said the effort will also advance goals, reduce logistics costs, promote localisation, and create green jobs across the EV and battery ecosystem. SAIL has committed to procuring 150 e-trucks over two years and aims to ensure that at least 15 per cent of vehicles hired across its units are electric. Tired of too many ads? go ad free now Around Rs 100 crore has been allocated to support about 1,100 e-trucks registered in Delhi, targeting the national capital's air quality concerns. Several OEMs have already begun electric truck production in India. Explaining the scheme's novelty, Heavy Industries Secretary Kamran Rizvi said, 'This is the first time the government is directly incentivising customers to buy electric trucks. Earlier schemes like FAME or PLI were manufacturer-facing.' The scheme mandates indigenisation through a phased manufacturing programme with limited import reliance. 'Imported components are allowed to a minimal extent; most sourcing must be local,' he said. Rizvi also shared updates on broader progress under PM E-DRIVE. Of 24.5 lakh two-wheelers targeted over two years, 12 lakh have already been supported. In the three-wheeler segment, 1.6 lakh vehicles have been supported against a target of 2 lakh. In public transport, the ministry has sanctioned 10,400 e-buses, including 4,500 for Bengaluru, 2,800 for Delhi, 2,000 for Hyderabad, 1,000 for Ahmedabad and 600 for Surat. A nationwide tender floated by CESL for 10,900 e-buses is expected to draw strong industry response. On electric ambulances, Rizvi said one model by Force Motors was homologated last month, with others in development. The ministries of Health and Road Transport are working on safety and patient care guidelines, expected before year-end.
Time of India
11-07-2025
- Business
- Time of India
Govt set to roll out ₹1,345 crore incentive scheme to boost rare earth magnets production
The Central government has prepared a draft proposal to offer subsidies worth ₹1,345 crore to step up production of rare earth magnets , Union Minister of Heavy Industry and Steel HD Kumarswamy said on Friday. The move is aimed at strengthening critical technology supply chains amid export restrictions imposed by China. Draft policy under inter-ministerial review Kamran Rizvi, Secretary at the Ministry of Heavy Industries , said a draft scheme for rare earth magnet processing has been circulated for inter-ministerial consultations. The scheme is expected to offer incentives for setting up manufacturing infrastructure across the value chain, from mineral extraction and refining to fabrication of finished magnets. He said manufacturers who do end-to-end processing from rare earth oxides to magnets will be eligible for the subsidy and cover both the private as well as public sector enterprises. PTI had earlier reported that the Ministries of Heavy Industries and Mines are finalising guidelines to support local production of rare earth magnets and related minerals. These are considered essential for sectors such as telecommunications, electric mobility, and defence. Response to China's export restrictions The announcement follows China's decision in April to introduce export controls on seven rare earth elements and finished magnets. Under the revised rules, Chinese exporters are required to obtain licences and provide end-use declarations, ensuring that the materials are not used in defence applications or re-exported to the United States. India imported over 80 per cent of its 540 tonnes of magnets from China in the previous fiscal year. With China accounting for more than 90% of global magnet processing capacity, officials told PTI the proposed scheme is intended to reduce import dependence and ensure stable supplies for applications such as electric motors, braking systems, mobile devices, and missile guidance technologies
