India's Domestic Rare Earth Magnet Production Ramps Up to Reduce Import Dependence

India is scaling up domestic production of rare earth permanent magnets to reduce import dependence. The first-ever Samarium Cobalt plant is expected to become operational in 2023, with the goal of producing 500 tonnes per annum in the first phase, scaling to 2,000 tonnes by 2028 and 5,000 tonnes by 2030. This will help meet the rising demand for these magnets, which are crucial for electronics, space, aerospace, defense, and electric vehicles.