Domestic magnet production in 2 years

INDIA IS EXPECTED to start domestic production of permanent magnets within the next two years, Hanif Qureshi, additional secretary, Ministry of Heavy Industries, said on Tuesday.

- NITIN KUMAR

“We hope that in the next two years, there will be indigenous production of permanent magnets,” Qureshi said while speaking at the 5th Global Electrification Mobility Summit.

The Ministry of Heavy Industries recently launched a ₹7,280-crore fund to support local manufacturing of rare earth and permanent magnets used in electric vehicles (EVs) and other applications.

Union Heavy Industries Minister H D Kumaraswamy said the government is focused on strengthening the entire value chain — from vehicle manufacturing and advanced batteries to charging infrastructure — so that India emerges not only as a major EV market but also as a global manufacturing hub.