Archive · 4 Oct 2026
India Seeks Domestic Capacity in Magnets, Energy and Strategic Sectors
India wants to make more important goods at home instead of relying so much on imports.
One example is rare-earth magnets, which are used in electric vehicles and other technology.
The government is also allowing oil exploration in areas that were previously off-limits and plans to explore deepwater resources.
These steps are meant to help India have more dependable supplies of important materials and energy.
Shaktikanta Das said reforms have also helped the country build economic and financial buffers.
He mentioned changes to taxes, banking, digital payments and inflation policy.
He said being more self-reliant does not mean shutting out other countries.
India also wants to take part more deeply in global supply chains.
Shaktikanta Das said India is building domestic capacity in sectors where it depends on imports, including rare-earth permanent magnets.
The government has opened previously restricted areas for oil exploration and is moving towards deepwater exploration under the Samudra Manthan scheme.
Das said domestic production and exploration are intended to strengthen strategic capabilities and energy security amid supply disruptions and global volatility.
He cited flexible inflation targeting, GST, digital payments, banking reforms and fiscal consolidation as measures that built economic buffers.
Das said self-reliance does not mean isolation and should go alongside deeper participation in global supply chains.
- Who
- Shaktikanta Das, Principal Secretary-2 to the Prime Minister.
- What
- He described efforts to build domestic capacity in rare-earth permanent magnets and energy, alongside structural reforms and economic stability measures.
- When
- At the Kautilya Economic Conclave; no date is stated.
- Where
- At the Kautilya Economic Conclave; the article does not specify a location.
- Why
- To reduce dependence on imports, strengthen energy security and domestic capabilities, and support macroeconomic stability amid external risks.
- Speaker
- Shaktikanta Das, Principal Secretary-2 to the Prime Minister
- Critical sector highlighted
- Rare-earth permanent magnets
- Energy exploration
- The government has opened previously classified no-go areas and is moving towards deepwater exploration.
- Named scheme
- Samudra Manthan
- Reforms cited
- Flexible inflation targeting, the Goods and Services Tax, digital payments, banking-sector reforms and fiscal consolidation
- Self-reliance position
- Das said Atmanirbharta does not mean isolation and should accompany deeper participation in global supply chains.
- Other areas identified
- Green hydrogen, sustainable agriculture and the circular economy