India's Leap Towards Self-Reliance in Rare Earth Magnets

India plans to start production of Rare Earth Permanent Magnets this year as part of its Aatmanirbhar Bharat initiative. The government aims to reduce import dependency by setting up processing plants in four states, expanding manufacturing capacity, and establishing a full value chain for critical minerals.

In a significant move towards self-reliance, India will commence the production of Rare Earth Permanent Magnets (REPMs) this year, Union Coal and Mines Minister G Kishan Reddy announced on Thursday. This marks an essential step in reducing import dependence crucial for the electric vehicles and renewable energy sectors.

During a Ficci and Ministry of Mines conference, Reddy emphasized the Aatmanirbhar Bharat initiative's role in the country's push for rare earth elements like neodymium and praseodymium. To tackle current processing challenges, the government identified Andhra Pradesh, Odisha, Maharashtra, and Gujarat as sites for establishing Critical Mineral Processing Plant Parks.

The establishment of these facilities is expected to build a complete value-added chain for critical minerals. The government approved a Rs 7,280 crore scheme set to develop 6,000 MTPA of integrated REPM manufacturing capacity by 2025, enhancing India's capability in sectors such as electronics, aerospace, and defense.

(With inputs from agencies.)