Archive · 18 Jul 2025
India Seeks Input on Rare Earth Magnet Manufacturing Scheme
The Indian government is planning to give money to companies that make special magnets used in things like electric cars.
The government wants to make these magnets in India instead of buying them from other countries.
Before they give out the money, they want to ask companies what they think about the plan.
They want to make sure it helps and doesn't cause any problems.
Several companies are interested in starting to make these magnets.
PMO seeks wider consultations for Rs 1,350 crore rare earth magnet incentive scheme.
The scheme aims to promote domestic manufacturing of heavy rare earth magnets.
The PMO wants more feedback on the scheme's structure, incentives, and viability.
India currently imports a significant share of these magnets, mainly from China.
At least five to six companies have shown intent to participate in the scheme.
- Who
- The Prime Minister's Office (PMO) and the Ministry of Heavy Industry (MHI).
- What
- The PMO is seeking further consultations on a rare earth magnet incentive scheme.
- When
- In the coming weeks.
- Where
- India.
- Why
- To gather more detailed feedback on the incentive scheme.
- Scheme Value
- Rs 1,350 crore
- Scheme Goal
- Promote domestic manufacturing of rare earth magnets
- Consultations by
- Ministry of Heavy Industry
- Primary Import Source
- China
- Scheme Duration
- 7 years
- India's Rare Earth Reserves
- 6.9 million metric tonnes
- Rare Earth Mining in 2024
- 2,900 tonnes
- Rare Earth Magnet Imports FY25
- 53,000 metric tonnes
Sources
Electronics industry flags ‘strategic risk’ amid China’s rare earth clampdown; PMO steps in: Report
China’s rare earth exports soar after trade war restrictions eased
Why did GMDC share price rally 14% despite weakness in the Indian stock market? Explained
China’s Hidden Trade Restrictions Threaten India’s Ambitious $32 Billion Smartphone Export Dream
Rare Earth crisis: PMO aims to break magnet deadlock
India’s Northeast: The new frontier in critical mineral security
Informal Chinese sanctions hurting India’s electronics manufacturing ecosystem: Industry body
How foreign spies used the post to smuggle China’s rare earths
India waits anxiously as China says it is in the midst of processing export licences for REMs
China quietly sets 2025 rare earth quotas amid rising global tensions
Govt wary of security risks as medical devices imports from China soar
