INDIA TO IMPLEMENT UPTO Rs 5000-CRORE SCHEME FOR RARE EARTH MINERALS

At a time when China has imposed export curbs on rare earth minerals, the India auto sector has raised alarms on shortage of magnets and other components. In order to reduce the dependency on imports, the govt is now ready to implement a Rs 3500-5000 crore scheme to promote the production of rare earth minerals and derived magnets domestically. In India, manufacturers of EVs and wind turbines represent the primary consumer of rare earth elements, accounting for more than 50% of the projected domestic demand of 4010 metric tons in 2025. The overall requirement is anticipated to reach 8220 metric tons by 2030. The government intends to modify the Mines & Minerals (Development and Regulation) Act to bolster the critical mineral initiative. Some of the listed companies set to benefit from this scheme are

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