Automobile Industry Seeks Govt Help in Expediting Approvals

IMPORT OF RARE EARTH MAGNETS FROM CHINA

- OUR CORRESPONDENT

NEW DELHI: The automobile industry has sought government support in expediting approvals from the Chinese government for importing rare earth magnets used in various applications, including passenger cars.

As per the industry sources, various domestic suppliers have already sought approval from the Chinese government through their local vendors in China.

However, no approvals have been granted so far, sources said. China controls over 90 per cent of global processing capacity for the magnets, used across multiple sectors including automobiles, home appliances and clean energy.

The Chinese government has put restrictions, with effect from April 4, mandating special export licences for seven rare earth elements and related magnets.