'Production of rare earth magnets to begin by Dec'

New Delhi: India is set to begin domestic production of rare earth permanent magnets by the end of this year, minister of mines G Kishan Reddy said on Thursday, calling it a "very big achievement" for the country's push towards self-reliance in critical minerals.

Speaking at a Ficci event, Reddy said the govt, along with Nonferrous Materials Technology Centre (NFTDC), developed indigenous technology for rare earth magnets after years of research and is now giving it to the private sector. "Equipment is almost established and production should happen by the end of this year...the work is progressing from this perspective," he said.

The minister said India remains dependent on imports for nearly 95% of its critical minerals, such as lithium, cobalt, nickel and rare earth elements, which are key to sectors like automobiles, renewable energy, defence, electronics and telecom.