India's Big Leap in Rare Earth Magnets Production

India is enhancing domestic production of rare earth permanent magnets with the launch of its first Samarium Cobalt plant. Despite current reliance on imports, the nation aims for substantial growth by 2030, supported by governmental prioritisation and initiatives like the SHANTI Act.

India is set to bolster its domestic production of rare earth permanent magnets, essential components in various high-tech sectors, by operationalizing its first Samarium Cobalt plant in 2023, announced Union Minister Jitendra Singh.

Currently, over 80% of these magnets are imported, but the government has set ambitious targets to reduce this dependence by scaling production to 5,000 tonnes by 2030, against a projected demand of 8,000 tonnes.

Growing resource extraction efforts in states like Rajasthan and Gujarat and the upcoming SHANTI Act are expected to accelerate this initiative, underscoring India's strategic push towards self-reliance in important technologies.

(With inputs from agencies.)