Govt eyes sops for rare magnets to reduce dependence on China
Govt is working on an incentive scheme for
rare earth magnets
and is likely to subsidise processing units as it seeks to develop a domestic base to reduce its dependence on China. A decision on rolling out the scheme will be taken in 15-20 days, heavy industries and steel minister
H D Kumaraswamy
said on Tuesday.
Explaining the rationale, an official said, "There is hardly a 5% difference in prices of rare earth oxides and rare earth magnets... China wants to maintain its monopoly by keeping the price of magnets very low." According to official estimates, public sector undertaking IREL (India) can supply enough rare earths to make 1,500 tonnes of magnets. "Converting these rare earths to magnets will take two years," the official said.
Consultations with stakeholders are underway to determine the quantum of subsidy to be offered under the scheme. "One Hyderabad-based company... they are showing interest. They have promised that they will deliver 500 tonnes by this year-end (Dec). We will have discussions with the mines minister," Kumaraswamy said.
China's recent restrictions on exports have caused widespread disruption, particularly for auto players. While govt and industry are seeking alternative sources of procurement, officials said 30 auto companies sought authorisation from the Directorate General of Foreign Trade to import rare earth magnets from China a fortnight ago, so that production is not impacted.
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