India is targeting domestic production of rare earth permanent magnets by the end of 2026, a move aimed at reducing the country’s reliance on imports for critical materials used in sectors like electric vehicles, renewable energy, and defense.
The government highlighted that developing a local rare earth magnet industry is part of its broader strategy to achieve self-reliance in critical minerals and strengthen supply chain security. Officials noted that India currently imports most of its rare earth magnets, leaving key industries vulnerable to global supply fluctuations.
The initiative will involve collaboration between public and private sector entities, investment in high-tech manufacturing facilities, and support for research and innovation. Industry experts believe this push could not only cut import dependence but also position India as a potential exporter of high-performance magnets in the global market.