India launches $816 million programme to produce rare earth magnets
India has approved a 72.8 billion rupees ($815.7 million) programme to manufacture rare earth permanent magnets, aiming to reduce reliance on imports for critical materials used in electric vehicles, aerospace, defence, and renewable energy, Information Minister Ashwini Vaishnaw said Wednesday.
India currently imports nearly all of its rare earth magnets, with 53,748 metric tons brought in during the fiscal year ending March 2025. Demand is expected to double by 2030, News.Az reports, citing Reuters.
“With the completion of this programme and the establishment of new plants, our import dependence will practically reduce to zero,” Vaishnaw said.
The initiative will establish facilities with a combined capacity of 6,000 metric tons per year. Capacity will be distributed among five beneficiaries through a global competitive bidding process, with each receiving up to 1,200 metric tons annually, the Ministry of Heavy Industries added.
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