New Delhi, March 25 India is increasing its domestic production of rare earth permanent magnets, which are crucial for electronics, space, aerospace, defense, and electric vehicles, with the first-ever Samarium Cobalt plant becoming operational in 2023, Union Minister Jitendra Singh said on Wednesday.
While acknowledging that over 80 per cent of these magnets are still imported due to limited domestic capacity, Singh, who is the Minister of State in the Prime Minister's Office, highlighted the significant progress made in the last 10-11 years due to the government's high prioritization.
"Our current requirement for rare earth permanent magnets is 4,000 tonnes, but by the time we reach 2030 and are able to produce 5,000 tonnes domestically, our requirement will have increased to 8,000 tonnes," Singh said.
He outlined ambitious targets: 500 tonnes per year in the first phase, scaling up to 2,000 tonnes by 2028, and 5,000 tonnes by 2030.
"Prime Minister Modi himself launched it (the Samarium Cobalt plant)... We have initiated the processes and are in the process of scaling up," the minister added, emphasizing the need for further expansion to meet rising demand.
Singh noted that there is "no reason to deny but modestly admit" the reliance on imports, but asserted that India has "started in that direction".
Rajasthan and Gujarat are among the states endowed with rock minerals, although extraction involves a cumbersome process with relatively modest yields. Efforts are underway to scale up production, and the process is expected to accelerate once the SHANTI Act comes into force.