Overview

• Union Minister G Kishan Reddy said the mining ministry’s institute in Hyderabad has developed a permanent magnet processing unit for rare earth elements.
• The institute will transfer the processing technology to private factories within three to four months to launch local magnet manufacturing.
• Production Linked Incentive schemes and a ₹16,300 crore National Critical Mineral Mission are funding subsidies for domestic rare earth magnet production.
• The drive aims to cut India’s 100 percent dependence on Chinese exports after Beijing imposed rare earth magnet export controls in April 2024.
• Additional steps include suspending IREL’s export deal with Japan and seeking alternative supplies from Vietnam, Australia and the United States.