Why India is making magnets used in EVs, wind turbines
India is gearing up to make rare-earth permanent magnets at home—these are the tiny powerhouses inside EVs, wind turbines, defense tech, and gadgets.
The big reason? Right now, we mostly import them from China, which last year sent automobile companies scrambling for supplies.
Mining Minister G. Kishan Reddy says it's time for India to be more self-reliant.
₹7,280 crore scheme to promote manufacturing of sintered rare-earth permanent magnets
The government just approved a ₹7,280 crore scheme to promote manufacturing of sintered rare-earth permanent magnets that'll cover processing from rare-earth oxides to finished magnets—aiming to create 6,000 metric tons per year of integrated capacity with help from private companies.
Currently, we get up to 90% of these magnets from China
India currently gets up to 90% of these magnets from China.
With demand set to double by 2030 thanks to booming tech and green energy needs, producing them locally means fewer supply shocks and more control over our future tech.
Plus, new rare-earth "corridors" in four states will boost jobs and innovation right here at home.