Government to provide technology to private factories to ramp up rare earth magnet production
Union Minister for Coal and Mines, G Kishan Reddy has said that the Centre is trying to make available technology in three to four months to different private factories to ramp up rare earth magnets production in India. Reddy stated ‘We used to be 100% dependent on China for permanent magnets of the rare earths. But recently, China has refused to supply. With this view, the Indian government is making efforts for permanent magnet manufacturing.’
He mentioned ‘Our mining ministry's institute in Hyderabad has made efforts and prepared a permanent magnet processing unit with equipment. After three to four months, we will try to manufacture permanent magnets by giving the technology to different private factories. For this, the Indian government has also started some PLI schemes to encourage it. We are paying attention to this subject.’ Moreover, he said that PM Modi has continuously discussed the production of magnets in India.
Further, he said ‘Recently, during his (PM Modi) visit to 5 countries, discussions were held with different countries on this subject. The raw material of rare earth is also available in less quantity in India. Importing that raw material, processing it, making permanent magnets for it, which is used from cell phones to space technology, including defence, there is a huge demand for this. The Indian government is working seriously for this. This scheme has also been brought under it.’
The central government earmarked Rs 1,345 crore to incentivise rare earth magnets production in India, aimed at building domestic capacity when there are reports of global short supply. Early this April, China announced a decision to implement export controls on certain rare earth-related items, pushing a supply shortage across the world, including India.
