India's rare earth magnet push: Government, industry & academia join forces to ramp up manufacturing; move to counter China's export curbs
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India is accelerating its efforts to develop domestic capabilities in rare earth magnet production as global supply chain disruptions triggered by China's export restrictions continue to strain key industries like automobiles and electronics.
Speaking at the Tec-Verse event on Friday, ministry of electronics and IT additional secretary Amitesh Sinha said the government, industry, and academia are working jointly to address the challenges in manufacturing rare earth magnets at competitive prices.
'Technology is there, but we have to see how commercially we can do it at a competitive price. So that is the main challenge,' said Sinha as quoted by news agency PTI, highlighting the strategic importance of these materials.
'The government will surely work because these things are now becoming strategic and important,' he added.
At the event, the Centre for Materials for Electronics Technology (C-MET), under Meity, signed a technology transfer agreement with Somal Magnets, an Ahmedabad-based firm, for rare earth magnet production.
Sinha clarified that while Meity is not directly engaged in production, it is actively involved in developing critical technologies for the manufacturing process.
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Rare earth magnets, particularly neodymium-iron-boron (NdFeB), are essential for high-performance applications such as traction motors in electric vehicles, power steering systems, and consumer electronics. Currently, India imports nearly 100% of its NdFeB magnet requirement, with China accounting for around 90% of these imports, according to PTI.
However, since April 2024, China has tightened export licensing norms for critical rare earth elements like terbium and dysprosium, both essential for NdFeB magnets.
This move has disrupted global supply chains, especially affecting India's fast-growing electronics sector.
Industry body Elcina noted that the price of Chinese-origin magnets has risen and that alternatives from countries like Japan and the EU are 2-3 times more expensive and lack the capacity to meet India's rising demand.
'We are now aiming to develop infrastructure and capability that can be scaled during a crisis,' Sinha explained, noting that efforts to advance magnet technologies have been ongoing but have gained urgency in recent months.
According to ANI, the ministry of external affairs confirmed that India is in dialogue with China to streamline rare earth supply chains, while the commerce ministry is engaging with industry bodies like SIAM and ACMA to assess the auto sector's exposure.
Commerce secretary Sunil Barthwal noted that the government is 'making all efforts to ensure essential imports' and described the situation as part of a larger global challenge, not India-specific.
Commerce minister Piyush Goyal has termed China's export control move a global 'wake-up call' and emphasised India's commitment to becoming a trusted partner for businesses seeking to diversify away from Chinese supply chains.
With Crisil Ratings recently warning that prolonged disruptions could stall electric vehicle launches and impact sectoral growth, the Centre's push for self-reliance in rare earth magnet manufacturing is being seen as both urgent and strategic.
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