India's Push for Self-Reliance in Rare Earth Magnets

Union Minister H D Kumaraswamy has announced a concerted inter-ministerial effort to enhance India's self-reliance in producing rare earth magnets. This strategic move aims to support key sectors such as electric vehicles and electronics, which rely heavily on these materials.

This declaration followed an inter-ministerial meeting chaired by Kumaraswamy and attended by various officials, including Coal and Mines Minister G Kishan Reddy. The meeting aimed to discuss the challenges posed by China's export restrictions, which have disrupted supply chains worldwide.

Industry representatives, including a significant delegation from the automotive sector, are awaiting confirmation from Chinese authorities for a meeting, as they aim to expedite the import of rare earth materials essential for high-performance automotive applications.

(With inputs from agencies.)