Post by : Rameen Ariff

India has approved a major ₹72.8 billion programme to develop and manufacture rare earth permanent magnets within the country. The announcement was made on Wednesday and marks an important step toward reducing India’s heavy dependence on imports for these critical materials.

Rare earth permanent magnets are essential components used in electric vehicles, aerospace technologies, defence equipment, wind turbines, and other renewable energy systems. Because these magnets are among the strongest types available, global demand for them continues to rise.

According to government estimates, India’s use of rare earth permanent magnets is expected to double by 2030. However, the country currently meets most of its requirements through imports. This creates both economic and strategic challenges, especially for industries that rely on a stable and secure supply chain.

The new programme aims to strengthen domestic manufacturing capabilities, support advanced technology development, and encourage private and public sector participation. By producing rare earth magnets locally, India hopes to reduce import dependence, support its growing electric vehicle and renewable energy sectors, and build stronger self-reliance in key strategic industries.

More details on funding allocation, partnerships, and implementation plans are expected to be released soon as the programme begins to take shape.

#Environment news