Union Minister of Coal and Mines G Kishan Reddy announced on February 19 that India will start producing permanent magnets by the end of this year, highlighting the government’s efforts to improve India’s standing in the world’s vital minerals value chain.
The declaration comes after a ₹7,280 crore plan to support the production of sintered rare earth permanent magnets was approved by the government in November 2025. In order to increase independence and lessen dependency on imports, the project aims to build 6,000 metric tonnes of integrated rare earth permanent magnet production capability annually.
In order to improve domestic value addition, Reddy stated that Andhra Pradesh, Odisha, Maharashtra, and Gujarat have been selected to establish crucial mineral processing facilities. Additionally, he mentioned that 143 coal mines have been designated for mine closure operations by 2028, with an emphasis on resource optimization and sustainable transition.
The minister went on to say that more than 4,000 exploration projects are already under way nationwide and that work has started under the National Critical Minerals Mission with an investment of ₹32,000 crore. In order to create a robust critical minerals ecosystem, the government is also funding research through nine Centers of Excellence and promoting investments in cutting-edge technologies, recycling, urban mining, and foreign asset acquisition.
Source – Moneycontrol
