
ICEA Chairman welcomes rare earth magnet incentives, terms it 'timely' intervention
India Cellular and Electronics Association
(ICEA), welcomed the central government initiatives to ramp up
rare earth magnets
production in India, particularly the incentives the latter is earmarking for.
ICEA is the apex industry body representing the entire electronics sector.
"We are extremely excited, although this will make set up capacities in the longer run, but the intention is very good and I think it is very timely because the industry is facing a bit of a crisis and the supply of magnets is quite difficult to procure if we set up independent Capacity here," the
ICEA Chairman
told ANI.
"It will be a true triumph. We are very excited about this announcement. The magnets is a core industry, and the processing of rare earths and metals is a very core industry. It's a very good development. I think this is a substantial sum of money. The scheme is well articulated. We'll go through the details and we will fully support the government in this great initiative," he added.
The central government has earmarked ₹1,345 crore to incentivise rare earth magnets production in India, aimed at building domestic capacity when there are reports of global short supply.
"Some progress is going on (on the rare earth magnet production front). We have already allocated ₹1,345 crore (for subsidy). We are on course to select the manufacturers," Minister for Heavy Industries HD Kumaraswamy told reporters at a press conference earlier today.
Heavy Industries Secretary Kamran Rizvi, accompanying the minister, said the scheme has been circulated and it is currently under inter-ministerial consultation.
"We are interested only in magnets. Anybody who gives us magnets will get incentives," the top official said.
It is expected that there will be at least 2 manufacturers who will participate in this program.
Early this April, China announced a decision to implement export controls on certain rare earth-related items, pushing a supply shortage across the world, including India.
India was in touch with the Chinese side, seeking predictability in the supply of rare earth metals -- which had been put under the export controls regime by the Xi administration.
China's overwhelming control of global rare earth processing - commanding over 90 per cent of the world's magnet production capacity - has created significant vulnerabilities for industries worldwide. These materials are critical across multiple sectors, including automobiles, home appliances, and clean energy systems.
Beyond China, there are only a few alternative suppliers of critical minerals.
Finance Minister Nirmala Sitharaman announced the setting up of the Critical Mineral Mission in the Union Budget for 2024-25 on July 23, 2024. The Union Cabinet in January 2025 approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of ₹16,300 crore and an expected investment of ₹18,000 crore by Public Sector Undertakings.
Recently, Union Minister for Coal and Mines G Kishan Reddy said the central government is actively encouraging private companies to mine and explore critical minerals overseas and bring them back into the country to serve the needs of the domestic industry. (ANI)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mint
a few seconds ago
- Mint
European car sales slump in June as automakers woes deepen
(Corrects figures for Stellantis and Renault in paragraph 5) July 24 (Reuters) - New car sales in Europe fell more than 5% in June, the European Automobile Manufacturers Association (ACEA) said on Thursday, in a reflection of the global challenges faced by automakers. Tesla lost market share for a sixth consecutive month despite a rise in overall sales of electric cars, while the four best-selling groups in Europe, Volkswagen, Stellantis, Renault and Hyundai , all sold fewer cars than in June 2024. European auto makers have booked multi-billion losses and issued profit warnings as they struggle to handle competition from China, U.S. import tariffs of 25%, and domestic regulations aimed at speeding up the EV transition. Sales in the European Union, Britain and the European Free Trade Association fell 5.1% in June from a year earlier, to 1.24 million cars, ACEA data showed. Registrations at Volkswagen, Stellantis, Renault and Hyundai dropped 6.1%, 12.3%, 0.6% and 8.7%, respectively. Tesla's sales were down 22.9%, and its market share contracted to 2.8% from 3.4% a year ago. The share of brands not accounted for by the ACEA, including BYD and other Chinese carmakers, more than doubled to 4.5%. In the EU, total car sales fell 7.3% year-on-year, even as registrations of battery electric (BEV), hybrid electric (HEV) and plug-in hybrid (PHEV) cars rose 7.8%, 41.6% and 6.1%, respectively. The three types of electrified vehicles accounted for 59.8% of EU passenger car registrations in June, up from 50% a year earlier. Overall sales in Germany, France and Italy fell 13.8%, 6.7% and 17.4%, respectively, while they rose 6.7% in Britain and 15.2% in Spain. "While drivers clamour for cleaner, cheaper cars, dynamic new brands are stepping up to fill the gap left by some incumbents who have been too slow to give the customers what they want," said Ben Nelmes, founder of EV data analysis firm New AutoMotive. (Reporting by Alessandro Parodi; Editing by Kirsten Donovan)

Time of India
a few seconds ago
- Time of India
'No More Indian Workers, Or China Factories': Trump's Blunt Warning To US Tech Giants Like Apple
/ Jul 24, 2025, 11:32AM IST US President Donald Trump has launched a bold new 'America's AI Action Plan,' vowing to reclaim tech dominance from China, but he's also aiming directly at India. In a fiery speech, Trump criticized tech giants like Apple and Tesla for relying on Indian workers and Chinese factories. 'No more iPhones from India,' Trump warned, threatening a 25% import tax on Apple and Samsung if they don't build in the USA. The plan, detailed in a 25-page document, calls for accelerating AI innovation, building US infrastructure, and halting foreign dependence. Trump's message is clear: American AI should be made in America. But this could disrupt India's IT sector, outsourcing industry, and its growing role in global tech. Is India being unfairly targeted? Or is this the start of a global AI war? #trump #ai #india #china #trumpvsindia #apple #outsourcing #indiantech #aiwar #americaai #usachinawar #toi #toibharat #bharat #trending #breakingnews #indianews


New Indian Express
5 minutes ago
- New Indian Express
No such thing as Muslim quota, backwardness only criterion: CM Revanth Reddy
HYDERABAD: Pointing out that the Telangana government provides reservations based on social and educational backwardness, not religion, Chief Minister A Revanth Reddy on Wednesday rejected the BJP's demand to remove Muslims from the Backward Classes (BC) reservation category. He pointed out that several BJP-ruled states have been extending BC reservations to Muslim communities for decades. 'First withdraw Muslim reservations in those states, then offer suggestions to Telangana,' he said, addressing reporters in New Delhi. Revanth referred to a recent High Court order directing the state to conduct local body elections within 90 days and determine reservation criteria within 30 days. He reiterated his government's commitment to complete the local elections by September 30, contingent on the Union government approving two Bills passed by the state legislature to enhance BC reservations to 42%.