India in $800m push for rare earth magnet production

Scheme targets self-reliance in critical magnets used in EVs, wind energy, defence

- BY STEPHEN N.R.

India has approved a landmark plan worth more than $800 million (72.8 billion rupees) to boost domestic production of rare earth permanent magnets, in a major push to secure critical supply chains and reduce the country's overwhelming dependence on imports, particularly from China.

Rare earth permanent magnets (REPMs), made from specialised alloys of rare earth elements, are among the strongest magnets in the world. They are essential to a vast range of high-technology applications, including electric vehicles (EVS), wind turbines, missiles and drones, satellites, smartphones, medical imaging systems, and industrial automation.