Magnet Shortage: Indian Companies Propose Supply Chain Strategies
News: Amid a growing supply crunch of rare earth magnets following China’s export restrictions, several Indian companies, including domestic advanced material firms, have submitted proposals to the government to establish local magnet supply chains, according to a ToI report.
The move aims to reduce dependence on China and boost indigenous production capabilities.
Heavy Industries Secretary Kamran Rizvi has reviewed presentations from these firms as part of strategic planning.
One such company, Midwest Advanced Materials, presented a plan to produce 500 tonnes of rare earth magnets annually in India, with a target to manufacture custom-made magnets for industrial use by the end of 2026.
The initiative marks a significant step toward self-reliance in critical materials essential for various high-tech applications.
Source: The Economic Times
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