Latest news with #MinesandMinerals(DevelopmentandRegulation)Act
Time of India
2 hours ago
- Business
- Time of India
Rare earths set to get up to ₹5,000 crore incentive scheme
India has firmed up a ₹3,500-5,000 crore scheme to incentivise production of rare earth mi nerals and derived magnets in the country and could be approved in a fortnight, a top government official said. "The priority is to start domestic-critical mineral production in the shortest time period," the official told ET. The sops under the proposed scheme will be offered through a reverse auction process, the official said. The decision to offer incentives for rare earths comes after an internal ministerial review flagged the need for diversification in the wake of acute dependence on Chinese imports. "Fresh steps are being taken to boost domestic availability of critical minerals," he said, adding that at least five large domestic companies had informally expressed keenness to produce these in consultations with the government. China has a near monopoly of the world's supply of rare earth magnets and has curbs on exports. These critical minerals needed in the manufacture of rare earth magnets are crucial for making cars, electric vehicles (EVs) and the renewable energy infrastructure. Industry, particularly the automobile industry, has flagged the detrimental impact of the Chinese curbs and sought government intervention. Beijing in April made a special export licences mandatory for export of seven rare earth elements and related magnets. India's EV and wind turbine makers are the largest demand centres for rare earth elements, cornering over half the entire 4010 metric tonne domestic demand in 2025. Overall demand is expected to more than double to 8220 metric tonnes by 2030. Besides, the government is also planning an amendment to the Mines and Minerals (Development and Regulation) Act to support the critical mineral mission. Besides regulatory tweaks, the Centre is also expecting commercially viable domestic production of rare earth permanent magnets in small quantities later this year. The ministry of science and technology had sanctioned funding for Midwest Advanced Materials Private Ltd, Hyderabad.
Time of India
11 hours ago
- Business
- Time of India
Rare earths set to get up to Rs 5,000 crore incentive scheme
India has firmed up a ₹3,500-5,000 crore scheme to incentivise production of rare earth minerals and derived magnets in the country and could be approved in a fortnight, a top government official said. "The priority is to start domestic-critical mineral production in the shortest time period," the official told ET. The sops under the proposed scheme will be offered through a reverse auction process, the official said. The decision to offer incentives for rare earths comes after an internal ministerial review flagged the need for diversification in the wake of acute dependence on Chinese imports. "Fresh steps are being taken to boost domestic availability of critical minerals," he said, adding that at least five large domestic companies had informally expressed keenness to produce these in consultations with the government. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Container Houses Vietnam (Prices May Surprise You) Container House | Search ads Search Now Undo China has a near monopoly of the world's supply of rare earth magnets and has curbs on exports. These critical minerals needed in the manufacture of rare earth magnets are crucial for making cars, electric vehicles (EVs) and the renewable energy infrastructure. Industry, particularly the automobile industry, has flagged the detrimental impact of the Chinese curbs and sought government intervention. Beijing in April made a special export licences mandatory for export of seven rare earth elements and related magnets. India's EV and wind turbine makers are the largest demand centres for rare earth elements, cornering over half the entire 4010 metric tonne domestic demand in 2025. Overall demand is expected to more than double to 8220 metric tonnes by 2030. Live Events Besides, the government is also planning an amendment to the Mines and Minerals (Development and Regulation) Act to support the critical mineral mission. Besides regulatory tweaks, the Centre is also expecting commercially viable domestic production of rare earth permanent magnets in small quantities later this year. The ministry of science and technology had sanctioned funding for Midwest Advanced Materials Private Ltd, Hyderabad.
Time of India
2 days ago
- Business
- Time of India
China export curbs hit: India seeks to secure rare-Earth supply chain, push for self-reliance in critical minerals
India seeks to secure rare-Earth supply chain The Centre on Tuesday intensified efforts to secure the supply chain for rare-earth materials critical to manufacturing electric vehicles (EVs), electronics, and defence equipment. In a series of high-level meetings, officials from various ministries came together to review the local availability of these strategic resources. "This inter-ministerial effort will pave the way for India's self-reliance in strategic materials crucial for electric vehicles (EVs), electronics, defence and other sectors," said steel and heavy industries minister HD Kumaraswamy in a statement. The move comes as a response to concerns over China curtailing exports of permanent magnets, which are made from rare earth elements (REEs). These magnets are essential components in EV propulsion systems, speakers, power windows, and generators used in renewable energy infrastructure. The supply squeeze has raised fears of potential disruptions in EV production in India. Coal and mines minister G Kishan Reddy and Kumaraswamy jointly chaired the inter-ministerial meetings, which also involved representatives from the atomic energy and commerce ministries, reported ET. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo Reddy posted on X that discussions focused on strengthening the value chain, from mining and refining to final use. To accelerate domestic capabilities, the government is considering amendments to the Mines and Minerals (Development and Regulation) Act. These changes aim to support the critical mineral mission and boost production capacity. Additionally, the Centre expects commercially viable domestic production of rare earth permanent magnets in small quantities later this year, marking a key step toward reducing reliance on imports. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 days ago
- Business
- Time of India
Rare Earths supply: India steps up mining, refining to safeguard EV future
The Centre Tuesday sought to secure the supply chain for rare-earth materials, used in the manufacturing of electronics and electric cars, holding meetings among various connected ministries and reviewing their local availability. "This inter-ministerial effort will pave the way for India's self-reliance in strategic materials crucial for electric vehicles (EVs), electronics, defence and other sectors," steel and heavy industries minister HD Kumaraswamy said in a statement. The deliberations are part of efforts to mitigate the impact of China curtailing permanent magnet supplies, threatening to stall the production of electric vehicles (EV) in India. These permanent magnets are derived out of rare earth elements (REEs), vital for power windows, speakers, propulsion systems in electric vehicles, and generators in renewable energy infrastructure, among others. Coal and mines minister G Kishan Reddy and Kumaraswamy jointly chaired these meetings that also drew participation of officials linked to Atomic Energy and commerce ministries. In a post on X, Reddy said discussions focused on strengthening the value chain, from mining to refining and then to end-use. To speed up domestic production, the government is planning amendments to the Mines and Minerals (Development and Regulation) Act for supporting the critical mineral mission. Besides regulatory tweaks, the centre is also expecting commercially viable domestic production of rare earth permanent magnets in small quantities later this year.
Time of India
2 days ago
- Business
- Time of India
Rare Earths supply: India steps up mining, refining to safeguard EV future
The Centre Tuesday sought to secure the supply chain for rare-earth materials, used in the manufacturing of electronics and electric cars, holding meetings among various connected ministries and reviewing their local availability. "This inter-ministerial effort will pave the way for India's self-reliance in strategic materials crucial for electric vehicles (EVs), electronics, defence and other sectors," steel and heavy industries minister HD Kumaraswamy said in a statement. The deliberations are part of efforts to mitigate the impact of China curtailing permanent magnet supplies, threatening to stall the production of electric vehicles (EV) in India. These permanent magnets are derived out of rare earth elements (REEs), vital for power windows, speakers, propulsion systems in electric vehicles, and generators in renewable energy infrastructure, among others. Live Events Coal and mines minister G Kishan Reddy and Kumaraswamy jointly chaired these meetings that also drew participation of officials linked to Atomic Energy and commerce ministries. In a post on X, Reddy said discussions focused on strengthening the value chain, from mining to refining and then to end-use. To speed up domestic production, the government is planning amendments to the Mines and Minerals (Development and Regulation) Act for supporting the critical mineral mission. Besides regulatory tweaks, the centre is also expecting commercially viable domestic production of rare earth permanent magnets in small quantities later this year.
