India To Start Permanent Magnet Production By Year-End On Rs 7,280 Crore Govt Incentive

ENA Sectors 2026-02-20 15:09:00 New Delhi, Feb 20 (KNN) Union Mines Minister G. Kishan Reddy has announced that production of permanent magnets will begin in the country by the end of this year with a production-linked incentive (PLI) scheme of Rs 7,280 crore. As many as four states - Andhra Pradesh, Odisha, Maharashtra and Gujarat, have been identified for establishing critical minerals processing units to boost domestic value addition and reduce import dependence. Speaking at an event organised by industry chamber FICCI, the Minister called for a decisive shift from resource dependency to value creation in critical minerals, stating that India aims to position itself as a key player in the global critical minerals landscape. Addressing the second edition of Indian Critical Minerals Landscape: Foundation for a Sustainable Future Empowering Innovation, Growth & Self-Reliance, the Minister noted that India remains 95 per cent dependent on imports of critical minerals. During the summit, the Minister unveiled the FICCI Portal on Global Critical Minerals Assets, a knowledge platform offering data on mineral blocks and resources worldwide. He also released a FICCI Deloitte report that outlines policy recommendations to strengthen Indias critical minerals ecosystem. Jyoti Vij, Director General, FICCI, emphasised, As we move towards the vision of Viksit Bharat, the role of natural resources, particularly critical mineral has becoming increasingly important to serve the manufacturing and downstream industries. National Mission and Policy Push Reddy said the government is working in Reform Express mode to reduce import dependence and boost domestic production. Central government along with state governments, and all stakeholders, are committed to working in unity to accelerate reforms in the critical minerals sector, he added. He highlighted that under the National Critical Minerals Mission (NCMM), which has an outlay of Rs 32,000 crore, over 4,000 exploration activities have been initiated nationwide. He also stated that 9 Centres of Excellence (CoE) have been identified to strengthen R&D, innovation and skill development. The Minister urged industry stakeholders to invest in advanced technologies, urban mining, recycling, and global asset acquisition to position India as a trusted and self-reliant leader in the global critical minerals ecosystem. Reiterating government support, he highlighted the exemption of import duty on raw materials for critical minerals, the creation of a dedicated fund, and continued backing for the National Mineral Exploration Trust. Industry and Global Perspectives Ed Jager, Minister (Commercial), High Commission of Canada in India, noted, Critical minerals are now strategic assets shaping the global economy. Canada intends to be a stable and responsible partner for India as we deepen cooperation across exploration, processing and resilient supply chains. Kishore S, Senior Member, FICCI Taskforce on Critical Minerals and COO, Hindustan Zinc Ltd, said, The reforms under the National Critical Minerals Mission and transparent auction mechanisms send a strong signal of Indias long-term commitment. Industry stands ready to partner with the government to build an integrated and globally competitive ecosystem. (KNN Bureau) 45220 https://knnindia.co.in/news/newsdetails/sectors/india-to-start-permanent-magnet-production-by-year-end-on-rs-7280-crore-govt-incentive 2026-02-20 15:09:00 knnindia.co.in India To Start Permanent Magnet Production By Year-End On Rs 7,280 Crore Govt Incentive