Rare Earth
Rare earth permanent magnet production to start by 2026-end, says Minister Reddy
This story was originally published at 17:18 IST on 19 February 2026
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MUMBAI – The production of rare earth permanent magnets will begin in India by the end of 2026, according to G. Kishan Reddy, the minister of coal and mines. "Four states - Andhra Pradesh, Odisha, Maharashtra and Gujarat, have been identified for establishing Critical Minerals Processing Units to boost domestic value addition and reduce import dependence, Reddy said at the second edition of 'Indian Critical Minerals Landscape: Foundation for a Sustainable Future - Empowering Innovation, Growth & Self-Reliance', organised by the Federation of Indian Chambers of Commerce and Industry, jointly with the Ministry of Mines, according to a release.
The Union Cabinet had approved INR 72.80 billion in November for a scheme to promote manufacturing of Sintered Rare Earth Permanent Magnets. Under this scheme, the government aims to set up integrated facilities to manufacture 6,000 tonne per annum of rare earth permanent magnets in India.
Reddy said the government was working in "reform express" mode for critical minerals sector to reduce import dependence and boost domestic production. Reddy added that nine centres of excellence have been identified to bolster research and development, innovation, and skill development in the sector. The work has commenced for the same under the National Critical Minerals Mission with an outlay of INR 320 billion, Reddy said. End
Reported by Ashutosh Pati
Edited by Akul Nishant Akhoury
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