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India Gazette
14 hours ago
- Business
- India Gazette
Centre to provide technology to private factories to ramp up rare earth magnet production: Kishan Reddy
Hyderabad (Telangana) [India], July 12 (ANI): The Centre is trying to make available technology in three to four months to different private factories to ramp up rare earth magnets production in India, said Union Minister for Coal and Mines, G Kishan Reddy. 'We used to be 100% dependent on China for permanent magnets of the rare earths. But recently, China has refused to supply. With this view, the Indian government is making efforts for permanent magnet manufacturing,' Kishan Reddy told ANI. 'Our mining ministry's institute in Hyderabad has made efforts and prepared a permanent magnet processing unit with equipment. After three to four months, we will try to manufacture permanent magnets by giving the technology to different private factories. For this, the Indian government has also started some PLI schemes to encourage it. We are paying attention to this subject,' he added. He said that PM Modi has continuously discussed the production of magnets in India. 'Recently, during his (PM Modi) visit to 5 countries, discussions were held with different countries on this subject. The raw material of rare earth is also available in less quantity in India. Importing that raw material, processing it, making permanent magnets for it, which is used from cell phones to space technology, including defence, there is a huge demand for this. The Indian government is working seriously for this. This scheme has also been brought under it,' he said. The central government has earmarked Rs 1,345 crore to incentivise rare earth magnets production in India, aimed at building domestic capacity when there are reports of global short supply. 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 Rs 16,300 crore and an expected investment of Rs 18,000 crore by Public Sector Undertakings. (ANI)
India Gazette
18 hours ago
- Business
- India Gazette
Centre to provide technology to private factories to ramp up magnet production: Kishan Reddy
Hyderabad (Telangana) [India], July 12 (ANI): The Centre is trying to make available technology in three to four months to different private factories to ramp up rare earth magnets production in India, said Union Minister for Coal and Mines, G Kishan Reddy. 'We used to be 100% dependent on China for permanent magnets of the rare earths. But recently, China has refused to supply. With this view, the Indian government is making efforts for permanent magnet manufacturing,' Kishan Reddy told ANI. 'Our mining ministry's institute in Hyderabad has made efforts and prepared a permanent magnet processing unit with equipment. After three to four months, we will try to manufacture permanent magnets by giving the technology to different private factories. For this, the Indian government has also started some PLI schemes to encourage it. We are paying attention to this subject,' he added. He said that PM Modi has continuously discussed the production of magnets in India. 'Recently, during his (PM Modi) visit to 5 countries, discussions were held with different countries on this subject. The raw material of rare earth is also available in less quantity in India. Importing that raw material, processing it, making permanent magnets for it, which is used from cell phones to space technology, including defence, there is a huge demand for this. The Indian government is working seriously for this. This scheme has also been brought under it,' he said. The central government has earmarked Rs 1,345 crore to incentivise rare earth magnets production in India, aimed at building domestic capacity when there are reports of global short supply. 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 Rs 16,300 crore and an expected investment of Rs 18,000 crore by Public Sector Undertakings. (ANI)
India Gazette
18 hours ago
- Business
- India Gazette
India to boost rare earth magnet production amid China's supply curbs: G Kishan Reddy
New Delhi [India], July 12 (ANI): Union Minister for Coal and Mines G Kishan Reddy on Saturday said that the Central Government has decided to begin the production of rare earth magnets in Hyderabad, as part of its broader push for self-reliance in critical technologies. 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)
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Business Standard
20 hours ago
- Business
- Business Standard
Govt to boost rare earth magnet output via PLI scheme, private sector push
Union Coal and Mines Minister G Kishan Reddy on Saturday said that the government has introduced Production Linked Incentive (PLI) schemes to encourage participation of private players in rare earth permanent magnets production. The Centre has initiated PLI schemes, which offer financial incentives tied directly to measurable outcomes and have been designed to boost domestic manufacturing. While talking to ANI, the Union Minister said, "For this, the Indian government has also started some PLI schemes to encourage it. We are paying attention to this subject. The Prime Minister has continuously discussed this subject. Recently, during his visit to 5 countries, discussions were held with different countries on this subject. The raw material of rare earth is also available in smaller quantities in India. Importing raw materials, processing them, and manufacturing permanent magnets for various applications, including cell phones, space technology, and defence, creates a huge demand. The Indian government is working seriously for this. This scheme has also been brought under it." Additionally, the Minister also highlighted India's shift in sourcing strategy, noting that India was previously entirely dependent on China for rare-earth permanent magnets. India, earlier, relied entirely on imports from China for the permanent magnets, the Minister said. He added that the Non-Ferrous Materials Technology Development Centre (NFTDC), supported by the Ministry of Mining in Hyderabad, has successfully prepared a permanent magnet processing unit equipped with the necessary machinery. The central government plans to provide the technology developed by NFTDC to private factories for manufacturing. "We used to be 100 per cent dependent on China for permanent magnets of the rare earths. But recently, China has refused to supply. With this view, the Indian government is making efforts for permanent magnet manufacturing. Our mining ministry's institute in Hyderabad has made efforts and prepared a permanent magnet processing unit with equipment. After three to four months, we will try to manufacture permanent magnets by giving the technology to different private factories," Reddy told ANI. In April 2024, China announced 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. Union 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. (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.)
Time of India
21 hours ago
- Business
- Time of India
Centre to provide technology to private factories to ramp up rare earth magnet production after China's decision to impose export controls
The Centre is trying to make available technology in three to four months to different private factories to ramp up rare earth magnets production in India, said Union Minister for Coal and Mines, G Kishan Reddy . "We used to be 100% dependent on China for permanent magnets of the rare earths. But recently, China has refused to supply. With this view, the Indian government is making efforts for permanent magnet manufacturing," Kishan Reddy told ANI. "Our mining ministry's institute in Hyderabad has made efforts and prepared a permanent magnet processing unit with equipment. After three to four months, we will try to manufacture permanent magnets by giving the technology to different private factories. For this, the Indian government has also started some PLI schemes to encourage it. We are paying attention to this subject," he added. He said that PM Modi has continuously discussed the production of magnets in India. "Recently, during his (PM Modi) visit to 5 countries, discussions were held with different countries on this subject. The raw material of rare earth is also available in less quantity in India. Importing that raw material, processing it, making permanent magnets for it, which is used from cell phones to space technology, including defence, there is a huge demand for this. The Indian government is working seriously for this. This scheme has also been brought under it," he said. Live Events The central government has earmarked Rs 1,345 crore to incentivise rare earth magnets production in India, aimed at building domestic capacity when there are reports of global short supply. 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 Rs 16,300 crore and an expected investment of Rs 18,000 crore by Public Sector Undertakings.
