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."
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 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.
Trade negotiations between the United States and China are moving slowly, raising the chances that the current tariff deadlines may be extended, according to a report by SBI Funds Management.
While India aspires to become a global electric vehicle (EV) hub, the current crisis because of China's tighter export rules on rare earth metals exposes the fragility of India's supply chains noted a report by Primus Partners, a global management consulting firm.
Minister for Coal and Mines G Kishan Reddy on Thursday said the government is actively encouraging private companies to mine and explore critical minerals overseas and bring them back into the country to fulfill its domestic industry's needs.
"China will approve the export application of controlled items that meet the conditions in accordance with the law. The United States will cancel a series of restrictive measures taken against China accordingly," China's Ministry of Commerce said in a statement.
The Ministry of External Affairs said that India is in touch with China on several economic and trade issues, including the supply chain issue of rare earth materials.
Union Minister of Coal and Mines G Kishan Reddy on Tuesday held an inter-ministerial meeting with Union Minister Of Heavy Industries and Steel HD Kumaraswamy and officials from some central ministries and discussed a range of aspects of securing the supply chains of Rare Earth and Critica
Electric vehicles (EVs), along with hybrid passenger vehicles and electric two-wheelers, are likely to face the most impact from China's recent restrictions on rare earth materials (REMs), according to a report by Nuvama.
India is engaged with China both commercially and diplomatically on the issue of rare earth minerals supply and is making all efforts to see that essential imports happen, Commerce Secretary Sunil Barthwal said on Monday.