NEW DELHI, Mar 25: India is accelerating domestic production of rare earth permanent magnets, vital for sectors including electronics, aerospace, defence, space, and electric vehicles, Union Minister Jitendra Singh said on Wednesday. The country’s first Samarium Cobalt plant became operational in 2023, marking a key milestone in reducing import dependence.
Singh acknowledged that over 80% of rare earth magnets are still imported due to limited local capacity but highlighted substantial progress over the past decade through strong government prioritisation.
“Our current demand for rare earth permanent magnets is 4,000 tonnes, and by 2030, when domestic production reaches 5,000 tonnes, the requirement is expected to rise to 8,000 tonnes,” Singh said. He outlined production targets of 500 tonnes per year in the initial phase, scaling to 2,000 tonnes by 2028 and 5,000 tonnes by 2030.
The minister noted that Rajasthan and Gujarat possess significant rock mineral reserves, although extraction is challenging and yields remain modest. Expansion plans are underway, which are expected to accelerate with the enforcement of the SHANTI Act.
Singh emphasised that while import reliance still exists, India has “started in that direction,” underlining the strategic importance of self-reliance in critical materials to meet the country’s growing industrial and technological needs.