India's Strategic Move to Boost Rare Earth Magnet Manufacturing

The Indian government's Rs 7,280 crore initiative aims to bolster domestic manufacturing of rare earth permanent magnets, reducing reliance on China. These magnets, vital for electronics and automotive industries, play a crucial role in global geopolitics due to their wide-ranging applications from smartphones to wind turbines.

The Indian government unveiled a Rs 7,280 crore scheme to invigorate the domestic production of Rare Earth Permanent Magnets (REPM), aiming to diminish the nation's dependency on China for vital components used in numerous electronics and automotive industries.

Rare earth magnets, composed of potent elements like neodymium and samarium, have become a focal point in international relations due to their essential role in technology, from smartphones to wind turbines and military applications. India, with substantial reserves, retains a minor footprint in global mining and production but seeks to amplify its output.

The country's mission to enhance the domestic supply chain of critical minerals is clear, with extensive deposits found in states like Tamil Nadu and Gujarat. The dominance of China, a leading entity in rare earth magnet production, propels India to fortify its strategies to secure and expand its own resources.

(With inputs from agencies.)