Corridors to be developed in Odisha, Kerala, Andhra Pradesh, and Tamil Nadu for mining, processing, research, and manufacturing of Rare Earth Permanent Magnets (REPMs).
What are REPMs?
- They are amongst the strongest types of permanent magnets with high magnetic strength and stability.
- Applications: Advanced engineering applications such as electric vehicle motors, wind turbine generators etc.
- Significance: REPM demand is expected to double by 2030.
Significance for India
- Strategic Self-Reliance: Ensures access to critical materials reducing India’s heavy dependence on imports, particularly from China.
- India imported 60-80% (value-wise) and 85-90% (quantity-wise) REPMs from China (2022-25).
- Climate Goals: REPMs support India’s clean-energy transition and Net Zero 2070 vision.
- National Security: Ensures reliable domestic supply for defence equipment and precision sensors, reducing vulnerability to global supply chain disruptions.
Key government Initiatives
- REPM Manufacturing Scheme: 7,280 crore Scheme to establish an integrated domestic REPM manufacturing ecosystem with 6,000 MTPA capacity, covering the full value chain from rare-earth oxides to finished magnets.
- National Critical Minerals Mission (NCMM): Creation of a long-term, end-to-end supply chain for critical minerals including rare earths.
- MMDR Amendment Act, 2023: Amendments to the Mines and Minerals (Development and Regulation) Act, 1957, providing Dedicated list of critical and strategic minerals, Auction of mineral concessions etc.
