‘Some countries have monopolized them’: G Kishan Reddy eyes self-reliance in critical minerals; says rare‑earth permanent magnet production by year-end – The Times of India

Demand for uncommon earth permanent magnets in India is projected to double by 2030.

Stressing on the significance of self-reliance, Union Minister of Mines and Coal G Kishan Reddy on Thursday stated that India goals to start home production of uncommon earth permanent magnets by year-end by means of collaboration with personal trade.Reddy harassed on the strategic significance of critical minerals for India’s financial progress and geopolitical standing, urging coordinated efforts to safeguard provide chains.Reddy stated the ministry, together with a state-owned enterprise, has developed the required expertise to fabricate the magnets. Plans are underway to ascertain 4 processing services for critical minerals throughout 4 totally different states.Based on knowledge from the US Geological Survey, India holds the world’s third-largest uncommon earth reserves, estimated at 6.9 million tonnes. Nevertheless, extraction stays restricted, largely because of modest personal-sector participation and funding.

Significance of critical minerals

Emphasising the broad spectrum of industries reliant on these assets, he identified that sectors corresponding to solar energy, electrical mobility, defence, healthcare, agriculture, aerospace, electronics, medical imaging and nuclear power all rely essentially on minerals like lithium, cobalt, nickel and uncommon earth components. He added that making certain enough provides of supplies corresponding to copper presents a big problem, not only for India however worldwide, as nations more and more rely upon these inputs.Reddy additional noticed that India presently imports about 95% of its critical mineral necessities. He acknowledged that addressing this vulnerability is crucial for the nation’s growth, noting that the worldwide worth chain for these minerals stays closely concentrated in a restricted quantity of countries.Some countries have taken over them. Some countries have monopolized them. We are going to have to work collectively on such critical minerals, on such critical subjects, at such critical instances,” he stated.Describing the difficulty as a matter of geopolitical significance, he stated critical minerals now function prominently on the worldwide strategic agenda. Based on him, it is a interval when the nation can emerge as a compelling vacation spot in the worldwide critical minerals ecosystem.He emphasised that reaching this may require collective effort to place India as a lovely hub. The Union Funds 2026-27 proposed the creation of devoted uncommon earth corridors in Odisha, Kerala, Andhra Pradesh and Tamil Nadu to help mining, processing, analysis and the manufacturing of Uncommon Earth Permanent Magnets (REPMs).In November 2025, the federal government authorised a Rs 7,280 crore scheme for REPM manufacturing, aiming to ascertain an built-in capability of 6,000 metric tonnes every year. The programme consists of Rs 6,450 crore in gross sales-linked incentives over 5 years and Rs 750 crore as capital help for superior production services.Demand for uncommon earth permanent magnets in India is projected to double by 2030, but the nation presently depends predominantly on imports to satisfy its necessities.China dominates practically 90% of international processing capability for these magnets and curtailed exports final yr, creating provide challenges for vehicle producers.