A recent study by Primus Partners, titled “From Extraction to Innovation”, presents a detailed roadmap for advancing India’s self-reliance in rare earth magnets as part of the government’s “Viksit Bharat” vision. The report highlights that the Union Budget 2024–25 has already introduced customs duty exemptions and reductions on critical minerals and rare earths—steps that are expected to lower input costs, support local manufacturing, and improve export competitiveness.
According to the report, these initiatives will play a pivotal role in strengthening the country’s electric mobility sector. It also highlights recent progress, such as the establishment of a Rare Earth Permanent Magnet (REPM) plant by Indian Rare Earth Limited (IREL) at the Bhabha Atomic Research Centre campus in Visakhapatnam. Developed with an investment of ₹197 crore, the facility has a production capacity of 3,000 kg annually and marks India’s entry into the group of nations with domestic REPM manufacturing capabilities.
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