India to boost rare earth magnet production amid China's supply curbs: G Kishan Reddy
Speaking to ANI, the minister said, 'The Central Government has decided to produce rare earth magnets in Hyderabad. Our Mining Ministry's NFTSM institute is working diligently, along with various industries, to manufacture the necessary machinery.'
Reddy further added that the government will soon showcase its capabilities in manufacturing permanent magnets.
'Within the next 3-4 months, they will showcase their efforts in manufacturing permanent magnets. This initiative involves collaboration between the industry, mining, and other ministries, and has been discussed with Prime Minister Narendra Modi. The Central Government is working seriously towards the production of rare earth magnets,' he said.
Highlighting India's shift in sourcing strategy, the minister noted that India was previously entirely dependent on China for rare-earth permanent magnets.
'We were 100 per cent dependent on China for rare earth permanent magnets, but recently China denied supplying to us,' Reddy said.
China had announced in April 2024 that it would impose export controls on certain rare earth-related items, triggering a global supply shortage, including in India.
In the light of rare earth magnet production, on Friday, Pankaj Mohindroo, Chairman of India Cellular and Electronics Association (ICEA), welcomed the central government initiatives to ramp up rare earth magnet production in India, particularly the incentives the latter is earmarking for.
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 Rs 16,300 crore and an expected investment of Rs 18,000 crore by Public Sector Undertakings. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
16 minutes ago
- Business Standard
HCLTech Q1 FY26: Net profit down 9.1% YoY to ₹3,843 cr, dividend declared
HCLTech on Monday reported a 9.1 per cent year-on-year (Y-o-Y) decline in net profit to ₹3,843 crore for the quarter ended June 2025 (Q1 FY26), compared to ₹4,257 crore in the same period last year, according to a BSE filing by the company. However, revenue from operations increased 8 per cent to Rs 30,349 crore in Q1FY26 Y-o-Y from Rs 28,057 crore in Q1FY25. The board of directors also approved an interim dividend of ₹12 per share. Shares of HCLTech closed at ₹1,619.95 apiece on the BSE on Monday.
&w=3840&q=100)
Business Standard
16 minutes ago
- Business Standard
Andhra draws roadmap to create global space hub, eyes Rs 25,000 cr by 2035
Two space cities planned in Lepakshi and Tirupati, spanning 33,000 acres, to attract global investments and align with Centre's Rs 1.5 trillion space sector roadmap Shine Jacob Chennai Listen to This Article Giving a much-needed impetus to India's ambition of becoming a $44 billion space economy by 2033, the Andhra Pradesh government on Saturday cleared a dedicated space policy, which aims to attract investments worth around ₹25,000 crore over the next ten years, transforming the state into a global space manufacturing hub, said a top government source. This will be done through the development of two integrated space cities in Lepakshi and Tirupati, spread across approximately 33,000 acres. The N Chandrababu Naidu government said it is working to build this comprehensive space ecosystem in alignment with the central government's plans
&w=3840&q=100)
Business Standard
16 minutes ago
- Business Standard
Anthem Biosciences IPO subscribed 73 pc on Day 1 of offer
The initial share sale received bids for 3,21,13,406 shares against 4,40,70,682 shares on offer, according to NSE data Press Trust of India New Delhi The initial public offer of Anthem Biosciences Ltd got subscribed 73 per cent on the first day of share sale on Monday. The initial share sale received bids for 3,21,13,406 shares against 4,40,70,682 shares on offer, according to NSE data. Non-institutional Investors category garnered 1.55 times subscription, while the quota for Retail Individual Investors (RIIs) got subscribed 58 per cent. The portion for Qualified Institutional Buyers (QIBs) received 37 per cent subscription. Anthem Biosciences has raised Rs 1,016 crore from anchor investors. The Rs 3,395-crore IPO of the Bengaluru-based firm will close on July 16. The price band has been fixed at Rs 540-570 per share. Since the IPO is entirely an offer-for-sale (OFS), the company will not receive any funds from the issue, and the proceeds will go to the selling shareholders. Anthem is into innovation-driven and technology-focused Contract Research, Development and Manufacturing Organization (CRDMO) with fully integrated operations spanning across drug discovery, development and manufacturing. It also manufactures and sells complex, specialised fermentation-based Active Pharmaceutical Ingredients (APIs), including probiotics, enzymes, peptides, nutritional actives, vitamin analogues and biosimilars. JM Financial, Citigroup Global Markets India, J P Morgan India, and Nomura Financial Advisory and Securities (India) are the book-running lead managers for the issue. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
