RARE EARTH MAGNETS

NEWS: India is in talks with companies to establish stockpiles and boost domestic production of rare earth magnets, offering fiscal incentives to reduce dependence on China, which currently controls 90% of global magnet processing.

Rare Earth Magnets

• Permanent magnets made from rare earth elements (REEs).
• A group of 17 metallic elements (like Neodymium, Dysprosium, Praseodymium)
• Not actually “rare” but difficult to extract economically
• Found in mineral sands, monazite, bastnaesite, etc.
• Very high magnetic strength, compact size, durability under high temperatures

Types of Rare Earth Magnets:

Applications of Rare Earth Magnets:

• Medical: MRI machines, X-rays, PET scans
• Defense: Missiles, radar, drones
• Electronics: Smartphones, hard drives, headphones
• Aviation & Aerospace
• Electric Vehicles (EVs): Motors
• Renewable Energy: Wind turbine generators
• Consumer Goods & Jewelry

Government Scheme & Policy Details

• Union Cabinet àapproved a Rare-Earth Permanent Magnet Manufacturing Scheme
• Production target: ~6,000 MT annually
• Budget: ₹7,280 crore
• Government plans: Dedicated critical mineral processing parks
  • Locations: Odisha, Andhra Pradesh, Maharashtra, Gujarat

Strategic Importance for India

• Reducing Import Dependence (Especially on China) àChina dominates ~90% of rare earth processing globally
  • India depends heavily on imports of rare-earth magnet
  • Thus, domestic production = Atmanirbhar Bharat in critical minerals
• Clean Energy Transitionà Rare-earth magnets are essential for: Wind turbines, electric vehicles, solar technologies
• National SecurityàUsed in fighter jets, missiles, naval systems, surveillance technologies