India to Begin Rare Earth Magnet Production

India is embarking on a strategic initiative to commence domestic production of rare earth permanent magnets by the end of the year, in collaboration with the private sector. This move, supported by a 73 billion rupee ($802 million) manufacturing program approved in November, aims to significantly reduce India's dependence on imports for these critical industrial inputs. The India===Ministry of Mines, along with a state-run entity, has developed the necessary technology and plans to establish four processing plants across India. This push is driven by the projected doubling of India's demand for rare earth permanent magnets by 2030, particularly from the electric vehicle, aerospace, defense, and renewable energy sectors. The urgency for this domestic production has been heightened by China's restriction on rare earth magnet shipments last year, as China currently dominates 90% of global processing. India possesses the world's third-largest rare earth reserves, according to the United States===United States Geological Survey, but has historically mined only a fraction due to limited private investment.