Local permanent magnet production to begin in 2026, says mines minister G Kishan Reddy
India will commence domestic production of permanent magnets in 2026, including Neodymium and rare earth magnets, announced Union Mines Minister G. Kishan Reddy. Supported by government funding and technology transfer to Midwest Advanced Materials, production units will be set up in Andhra Pradesh, Odisha, Maharashtra, and Gujarat, aiming to boost value addition, reduce imports, and address the geopolitical risks from China’s export restrictions.