Hyderabad, July 12, 2025 (ANI): Speaking on Rs 1,345-crore incentive scheme to make rare earth magnets in India, Union Minister G Kishan Reddy on July 12 said that they would try to manufacture permanent magnets by giving technology to different private factories after 3 to 4 months. “We used to be 100% dependent on China for permanent magnets of the rare earths. But recently China has refused to supply. With this view, the Indian government is making efforts for permanent magnet manufacturing. Our mining ministry's institute in Hyderabad has made efforts and prepared a permanent magnet processing unit with equipment. After three to four months, we will try to manufacture permanent magnets by giving the technology to different private factories. For this, the Indian government has also started some PLI schemes to encourage it. We are paying attention to this subject. The Prime Minister has continuously discussed this subject. Recently, during his visit to 5 countries, discussions were held with different countries on this subject. The raw material of rare earth is also available in less quantity in India. Importing that raw material, processing it, making permanent magnets for it, which is used from cell phones to space technology, including defence, there is a huge demand for this. The Indian government is working seriously for this. This scheme has also been brought under it,” said G Kishan Reddy.
