The Centre is trying to make available technology in three to four months to different private factories to ramp up rare earth magnets production in India, said Union Minister for Coal and Mines, G Kishan Reddy.
Speaking to ANI, the minister said, "The Central Government has decided to produce rare earth magnets in Hyderabad. Our Mining Ministry's NFTSM institute is working diligently, along with various industries, to manufacture the necessary machinery."
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Pankaj Mohindroo, Chairman of India Cellular and Electronics Association (ICEA), welcomed the central government initiatives to ramp up rare earth magnets production in India, particularly the incentives the latter is earmarking for.
The Board of Directors of Reliance Industries Ltd is scheduled to be held on July 18, 2025, where they will consider and approve the standalone and consolidated financial results of the company for the April-June 2025-26 quarter, as per a stock exchange filing.
The central government has earmarked Rs 1,345 crore to incentivise rare earth magnets production in India, aimed at building domestic capacity when there are reports of global short supply.