Chinese Dadagiri will not run on rare economy, government has made this special plan

Rare Earth Material

China is currently the largest supplier of rare economy in the world, due to which China is blackmailing the whole world. Actually the rare meaning material is used in electric vehicle, mobile and defense sector. In such a situation, due to the supply of the supply of rare meaning elements from China, many countries including India have come under tension. In such a situation, India has now found the answer to China's blackmailing.

Union Heavy Industries Minister HD Kumaraswamy said on Friday that the Ministry of Heavy Industries is preparing to bring a PLI scheme of about Rs 1,345 crore to promote the domestic construction of Rare Earth Magnets. For which the government is interacting with different ministry.

Kumaraswamy told Moneycontrol, “As of now, two companies are proposed to build it, but as long as the scheme is final, it may change.” The report said that this scheme will help both government and private companies.

Who will be able to take advantage of this

Kamran Rizvi, Secretary, Ministry of Heavy Industries, said that all companies who will be selected for this scheme will have to do full processing i.e. from rare meaning oxide to preparing final magnets themselves. Rizvi said, we just want ready magnets. Whoever gives us ready magnets will get incentives.

India and Rare Earth Minerals

This step is being taken at a time when China has banned the export of Rare Earth Minerals, causing problems in supply of auto and tech companies around the world. America and Europe are now being sent to the goods again, but Indian companies are still waiting for clearance, due to which the auto companies and component makers of the country are worrying.

India has 5th largest reserves

India has the fifth largest rare meaning of minerals in the world, but it is still difficult to remove and process these minerals because it has many rules and technical challenges. Currently, the mining government company of Rare Earth handles Indian Rare Economic Economic Limited (IREL).

In 2024, IREL produced around 2,900 tonnes of rare meaning and, most of which goes to meet the country's nuclear and defense needs. Only a small part of this is exported to Japan. After the supply from China is affected, IREL is now preparing to stop exports and increase its own mining and processing. Meanwhile, many Indian companies like Mahindra, UNO MINDA and Sona Commentar have said that they are looking for options to make rare meanings in the country.