New Delhi, March 25: The central government announced on Wednesday that the domestic production capacity of rare earth permanent magnets is expected to reach 5,000 tons by 2030. This comes as part of an accelerated effort to explore rare minerals and lithium.
Union Minister of State for Earth Sciences, Dr. Jitendra Singh, stated in the Lok Sabha that India is intensifying its efforts to boost domestic production of rare earth permanent magnets and to explore critical minerals like lithium. The target is to achieve a production capacity of 5,000 tons by 2030.
Currently, the country’s requirement for rare earth permanent magnets is approximately 4,000 tons, which is projected to increase to around 8,000 tons by 2030. This anticipated growth highlights the urgent need for expanding domestic capabilities.
Dr. Singh further mentioned that a pilot project for neodymium-iron-boron permanent magnets has recently been initiated, and a samarium-cobalt magnet plant in Visakhapatnam has commenced operations with an initial production capacity of 500 tons per year. The next phase aims to increase this capacity to 2,000 tons, eventually reaching 5,000 tons by 2030.
The government is working in coordination with various ministries under a comprehensive approach to accelerate the exploration and development of critical minerals.
Lithium and rare earth elements are vital for sectors such as electric vehicles, renewable energy, electronics, defense, aerospace, and space applications. They will play a crucial role in supporting emerging technologies that require clean energy transitions and reliable energy systems.
According to the central minister, India is continuously strengthening its position in the critical minerals sector, focusing on reducing import dependency, increasing domestic production, and supporting future industrial and technological development through a robust supply chain.
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