India's Push for Self-Reliance in Rare Earth Magnets Amidst Global Turbulence
Union Minister H D Kumaraswamy announced efforts to make India self-reliant in rare earth magnets, important for electric vehicles and technology. An inter-ministerial meeting focused on value chains and the National Critical Mineral Mission. China's control over the global supply poses challenges, impacting several industries worldwide.
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The Indian government is intensifying its efforts to achieve self-reliance in rare earth magnets, with Union Minister H D Kumaraswamy spearheading a strategy to make significant strides in this vital sector. These magnets are crucial for electric vehicles, electronics, and defense industries.
Recently, an inter-ministerial meeting was convened with key ministers and senior officials to address the challenges faced by India's strategic material sector. The discussions aimed to enhance the value chain from mining to refinement and end-use.
With China imposing export controls, India's industries, particularly automotive, are seeking alternative solutions to mitigate supply disruptions. The country's mission is to reduce dependency on Chinese imports, as they currently dominate 90% of the global processing capacity for rare earth elements.
(With inputs from agencies.)
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