India to Initiate Rare Earth Permanent Magnet Production in 2026 Under ₹7,280 Crore Scheme
India will commence production of Rare Earth Permanent Magnets (REPMs) by the end of 2026, as announced by Union Minister G Kishan Reddy. This move aligns with the Aatmanirbhar Bharat initiative to enhance self-reliance in critical minerals, reducing the country's 95% reliance on imports. A ₹7,280 crore Production-Linked Incentive (PLI) scheme will support this initiative, which includes establishing processing plants in Andhra Pradesh, Odisha, Maharashtra, and Gujarat. The government aims to strengthen the entire value chain from exploration to advanced manufacturing.
Theia Market Signal Identification - AI Assisted
India is set to begin production of Rare Earth Permanent Magnets (REPMs) by the end of 2026, supported by a ₹7,280 crore Production-Linked Incentive (PLI) scheme, as stated by Union Minister G Kishan Reddy. This initiative is part of the Aatmanirbhar Bharat initiative to reduce the country's 95% dependence on imported critical minerals.
The government has identified Andhra Pradesh, Odisha, Maharashtra, and Gujarat for establishing Critical Mineral Processing Units. The National Critical Minerals Mission, with an outlay of ₹32,000 crore, will facilitate over 4,000 exploration projects and nine Centres of Excellence for R&D.
Comments