India Greenlights ₹72.8 Billion Initiative to Enhance Rare Earth Magnet Production

Post by : Raina Nasser

The Indian government has approved a substantial programme valued at ₹72.8 billion to foster the production of rare earth permanent magnets domestically. Announced on Wednesday, this initiative represents a significant move towards lessening India’s reliance on imports for these vital materials.

Rare earth permanent magnets play a crucial role in various sectors, including electric vehicles, aerospace, defense systems, wind energy, and other renewable energy infrastructures. With their exceptional strength, global demand for these magnets continues to surge.

Government projections indicate that India's consumption of rare earth permanent magnets is poised to double by 2030. Currently, the country fulfills most of its demands through imports, which poses economic and strategic challenges, particularly for sectors dependent on a reliable supply chain.

This innovative programme aims to enhance domestic manufacturing capabilities, bolster advanced technology development, and promote collaboration between public and private sectors. By increasing local production, India expects to curtail import reliance, bolster its electric vehicle and renewable energy industries, and establish greater self-sufficiency in key strategic sectors.

Further details regarding the allocation of funds, partnerships, and the pathway for implementation will be disclosed as the programme progresses.