India set to start producing permanent magnets this yr

GOVT PLANS TO SET UP FOUR CRITICAL MINERAL PROCESSING PLANTS

- SAURAV ANAND

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.