India Aims to Break China’s Grip on Rare Earth Magnets with ₹1,350 Cr Production Push
 |
| Image via: fpri |
India relies on China for many critical materials, and one of them is rare earth magnets. These magnets are crucial components in electric vehicles (EVs), wind turbines, defense systems, robotics, and aerospace applications, which makes their demand in India significantly high. Currently, India imports up to 95% of its rare earth magnets from China — a concerning dependency, especially considering that India possesses 6.9 million tonnes of rare earth reserves, making it the fifth-largest in the world. To reduce this overdependence on China, the Indian government has launched a ₹1,350 crore incentive scheme aimed at boosting domestic production of rare earth magnets. At present, India produces only about 3 tonnes per year, which is extremely low. However, with this scheme in place, it is expected that major Indian private players will enter the sector, and by 2030, the country's production could reach up to 5,000 tonnes per year
0 Comments