Rare Earth Metal Break
Even though China has not completely lifted the ban on rare earth metals, it is not expected to cause much loss to India. Information and Broadcasting Minister Ashwini Vaishnav said on Wednesday that rare earth magnets are being procured from countries including China and Japan with which India has agreements. The minister said that after the start of domestic production of rare earth magnets, India is planning to sell the excess stock abroad.
The Union Minister said that rare earths come from the countries with which we have agreements. Be it China, Japan, Vietnam, Australia, Canada or some factories of America, India’s immediate needs are fulfilled by all these countries. The Union Cabinet on Wednesday approved an incentive scheme of Rs 7,280 crore for the manufacturing of solid rare earth magnets.
Indian government plan
A total of Rs 7,280 crore has been earmarked for this scheme. This includes an incentive of Rs 6,450 crore on the sale of REPM for five years and assistance of Rs 750 crore for setting up factories to produce 6,000 tonnes of REPM every year. Ashwini Vaishnav said that about 4,000 tonnes of REPM is required in the country every year and India is planning to send the additional production abroad.
Some big challenges before India
However, India also faces some big challenges in this area. Environmental harm associated with rare earth mining is a serious issue. Apart from this, due to low funds, lack of technical knowledge and long duration of projects, production on a large scale has not yet been possible without government help. However, the government is working on it. According to reports, many international suppliers are showing interest in meeting India’s requirement of about 2,000 tonnes of oxide every year.