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India set to start producing permanent magnets this yr
Financial Express Kochi
|February 20, 2026
GOVT PLANS TO SET UP FOUR CRITICAL MINERAL PROCESSING PLANTS
INDIA WILL BEGIN domestic production of permanent magnets by the end of this year, marking a strategic breakthrough aimed at reducing its overwhelming 95% dependence on imported critical minerals that power electric vehicles, renewable energy systems, electronics and defence manufacturing.
“The mining ministry and a state-run body have developed the technology to produce permanent magnets, with plans to set up four critical mineral processing plants across as many states,” Union Coal and Mines Minister G Kishan Reddy said.
The minister added that the initiative, backed by a ₹7,280crore production-linked incentive (PLI) scheme, represents a decisive shift from raw material dependence to high-value manufacturing.
“India is currently 95% dependent on imports of critical minerals. This is a strategic vulnerability we must eliminate. The country is moving rapidly from resource dependency to value creation,” Reddy said.
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