By Admin 
Mahindra & mahindra: The country’s well-known automobile company Mahindra & Mahindra (M&M) and Auto Components, Uno Minda, are considering their plan to make rare meanings in India. A report by Reuters quoting government sources stated that this step has been taken by the Government of India after encouraging the reducing dependence on China for Rare Earth Magnets.
Preparation for an incentive scheme of 2500 crores
Let us know that the government is preparing to start an incentive scheme of up to Rs 2500 crore to promote the production of rare economy (rees) in the country. India is working rapidly in this direction so that China does not depend too much, which keeps its control over about 90 percent of the processing of more than 90 % rare meaning magnets in the world.
Amidst the trade war from the US, China banned the export of these magnets, which disrupted the global supply chain and has affected all the automobile companies. However, after the recent talks between President Donald Trump and Xi Jinping, its shipping has started again in the US and Europe, while India is still waiting for approval.
Both came together for the production of rees
According to media reports, some other companies like Mahindra have also shown interest in investing in production of rare mean magnets. However, it will take one or two years to start production. In a recent meeting with the Ministry of Heavy Industries, Mahindra allegedly stated that she is ready to partner for the work and sign a long -term supply contracts for local manufacturers. Uno Minda has also shown interest in it, which supplies parts for many more automobile companies like Maruti Suzuki.
Lack of rees not in India
Let us tell you that there is no shortage of rare meaning magnets in India. India has the fifth largest reserve of rare meanings magnets, but its processing and refining are still up to China. The responsibility of mining its mining in the country is currently on the government company IREL. In 2024, IREL produced about 2,900 tonnes of rare meaning magnets, most of which is used in the country’s nuclear and defense sector and also exported to Japan.
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