New Delhi: Rare earth magnets are being sourced from countries including China and Japan that have agreements with India, Union minister Ashwini Vaishnaw said on Wednesday.
The minister said India plans to export surplus capacity once local production of rare earth magnets begins.
“All the countries with which we have agreements, it comes from those countries. Whether it is from China, whether it is from Japaan, whether it is from Vietnam, Australia, Canada, and some US manufacturing is also being revised. It comes from all these places for the immediate requirement,” Vaishnaw told reporters during a briefing on Cabinet decisions.
In April, China implemented strict export licensing on rare earth elements like terbium and dysprosium which are key inputs for high-performance NdFeB (Neodymium-Iron-Boron) magnets used in consumer electronics, automobile etc.
Rare earth magnets are vital for a number of sectors like electric vehicles, renewable energy, electronics, aerospace, and defence applications.
The Union Cabinet on Wednesday approved a Rs 7,280 crore scheme to promote the manufacturing of rare earth permanent magnets, a move which would help reduce India’s dependence on China.
The ‘Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets (REPMs)’ was approved at a Cabinet meeting chaired by Prime Minister Narendra
Modi.