Local permanent magnet production to begin in 2026, says mines minister G Kishan Reddy

New Delhi: India would start domestic production of permanent magnet production beginning 2026, union mines and coal minister G Kishan Reddy said Thursday. Speaking on the sidelines of a session on critical minerals organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), he said production would "begin this year itself."

ET reported in June 2025 that the ministry of science and technology sanctioned funding for Midwest Advanced Materials Private Limited (MAM), Hyderabad. The Nonferrous Materials Technology Development Centre (NFTDC), a research and development (R&D) institution under the ministry of mines, has also transferred advanced technology to MAM.

This support had paved the way for commercial production of Neodymium (NdFeB) materials and rare earth permanent magnets in the country.


Reddy said Andhra Pradesh, Odisha, Maharashtra and Gujarat have been identified to establish critical minerals processing units to boost domestic value addition and reduce import dependence.

"Additionally, 143 coal mines have been identified under the mine closure activities to be completed by 2028, with a focus on sustainable transition and resource optimisation," he said.

The minister noted critical minerals are a "big geopolitical issue" and their relevance has been magnified recently when China halted their exports.

FICCI also released a report on critical minerals and rare earth elements during the event. It recommended operationalising the National Critical Minerals Mission (NCMM) with a clearly defined mandate, dedicated budgetary support and measurable time-bound deliverables.