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India to start rare earth magnet production by year-end with ?7,300 crore plan

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India aims to start producing rare earth permanent magnets by the end of the year in partnership with the private sector, the federal mining minister said on Thursday, as the country seeks to reduce imports of critical industrial inputs.New Delhi approved a ?7,300 crore ($802 million) rare earth permanent magnets manufacturing programme in November. The magnets are used in industries ranging from electric vehicles and aerospace to defence and renewable energy.The mining ministry and a state-run body have developed the technology to produce permanent magnets, with plans to set up four critical mineral processing plants across four states, minister G….

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