In a major push to develop critical technology supply chains, the Centre has earmarked Rs 1,345 crore to establish domestic production of rare earth magnets, Heavy Industries Minister HD Kumaraswamy announced on Friday.
Kamran Rizvi, Secretary at the Ministry of Heavy Industries, added that the draft scheme for rare earth magnet processing has already been circulated for inter-ministerial consultations, setting the stage for a comprehensive policy rollout.
The move comes after China, the world’s dominant supplier, imposed export restrictions in April this year on seven rare earth elements and finished magnets. Under the revised rules, Chinese exporters must secure licences and submit end-use declarations confirming materials won’t be used in defence or re-exported to the US.
PTI had reported earlier citing sources familiar with the discussions that the Ministries of Heavy Industries and Mines were in the process of finalising guidelines to incentivise local manufacturing of rare earth magnets and minerals—key inputs for sectors including telecom, electric vehicles, and defence.
Kamran Rizvi, Secretary at the Ministry of Heavy Industries, added that the draft scheme for rare earth magnet processing has already been circulated for inter-ministerial consultations, setting the stage for a comprehensive policy rollout.
The move comes after China, the world’s dominant supplier, imposed export restrictions in April this year on seven rare earth elements and finished magnets. Under the revised rules, Chinese exporters must secure licences and submit end-use declarations confirming materials won’t be used in defence or re-exported to the US.
PTI had reported earlier citing sources familiar with the discussions that the Ministries of Heavy Industries and Mines were in the process of finalising guidelines to incentivise local manufacturing of rare earth magnets and minerals—key inputs for sectors including telecom, electric vehicles, and defence.
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