Western Coalfields Limited (WCL) has discovered significant concentrations of rare earth elements and critical minerals in its mines in Maharashtra, potentially transforming waste material into revenue-generating resources and diversifying the company's business.
Major foreign mining and refining companies have assured the Indian government that they will have sufficient stocks of rare-earth oxides to supply to the winning bidders under the country's production-linked incentive (PLI) scheme for indigenous manufacturing of rare-earth permanent magnets (REPMs), Business Standard has learnt.
'Despite assurance from China, none of the companies have received supplies from Chinese sellers.'
Hyundai Motor India on Wednesday said the company is not facing any production issues due to the shortage of rare earth magnets. Replying to a query in the company's earnings conference call, Hyundai Motor India head of investor relations K S Hariharan noted that the company is maintaining an adequate inventory of the rare earth magnets.
The government on Wednesday approved a Rs 7,280 crore scheme to promote manufacturing of rare earth permanent magnets, a move which would help reduce India's dependence on China.
The Centre has notified the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet (REPM) with an outlay of Rs 7,280 crore. The initiative is targeting to reduce dependence on China for critical inputs and secure supply chains for EVs, electronics, aerospace and green energy.
Electric two-wheeler (e2W) companies are upset with some of their suppliers of heavy rare-earth magnet-powered electric motors, who have objected to their proposal - under consideration by the government - that would allow e2W original equipment manufacturers (OEMs) an exemption from localisation norms on electric motors, thereby enabling them to continue receiving the 5,000-per-vehicle subsidy.V
China accounts for about 70 per cent of global rare earth mining and nearly 90 per cent of rare earth magnet production, making it a dominant player and giving it significant leverage in global supply chains.
The 17 rare earth elements that are at the centre of the current crisis are critical components of everyday products -- from cars to jet engines to electronics like smartphones and flat-screen TVs.
Mahindra & Mahindra plans to manage rare earth magnet supplies through alternative sourcing channels for the next nine months and will pursue 'engineering efforts' to address the raw material shortage situation amid growing product portfolio, according to a senior company executive. The imposition of export restrictions by China on key rare earth magnets has resulted in supply chain bottlenecks, impacting the user industries, including the auto and electronics sectors.
Dysprosium and terbium, two heavy rare earth elements with unique properties, are not available in extractable quantities in India.
The government plans to establish a fully indigenous manufacturing ecosystem with an annual production capacity of up to 6,000 tonnes. The scheme is expected to run for seven years, according to official documents.
Inventories of rare earth magnets used in critical automotive components - particularly electric vehicle (EV) traction motors and power steering systems - could run dry by mid-July this year, according to rating agency Icra.
India must act decisively to fully leverage the vast opportunities that exist in India for developing the entire rare earth magnet ecosystem, SIAM president Shailesh Chandra said on Thursday. The government is considering incentives for the production of rare earth minerals and magnets in response to China's restrictions on its global supply, which have disrupted the supply chain.
'We remain in touch with the Chinese side, in Beijing as well as in Delhi, to bring predictability in the supply chain.'
The country's largest carmaker Maruti Suzuki India is recalibrating production of its upcoming model e-Vitara due to the shortage of rare earth magnets, industry sources said. The auto major is looking to produce around 8,000 units of the model by September as against the earlier stated plan of rolling out over 26,000 units during the period.
The automobile industry has sought government support in expediting approvals from the Chinese government for importing rare earth magnets used in various applications, including passenger cars. As per the industry sources, various domestic suppliers have already sought approval from the Chinese government through their local vendors in China.
Maruti Suzuki India (MSIL) said on Thursday its operations are unaffected by the global rare earth magnet shortage, but added that the situation is "uncertain and evolving". The firm said it is exploring multiple solutions to maintain continuity in operations and will notify stakeholders in case of material impact.
Since April 4, around 35 importers in India have either not received any shipment of the magnets or have not been granted the import licences by China.
China promised to address three key concerns of India, the sources said.
India's macroeconomic health is in a "relative goldilocks situation", and although the risk of higher landed oil prices, due to insurance cost surges and closure of choke points due to the brief Israel-Iran war, has receded, it is "too soon to sound the 'all clear' for the rest of the year", the Finance Ministry said on Friday.
'The government is actively engaging with EU to ensure that concerns of Indian companies and hard-to-abate sectors are adequately addressed under CBAM'
'The reported deal between the European Union and China should mitigate it (shortage) for the medium to long term. Let's wait and watch how this plays out.'
The United States and Ukraine have signed an 'economic partnership agreement,' giving Washington, DC access to Ukraine's rare earth minerals in return for creating an investment fund in the country, CNN reported.
'It's a changing world and the opening up doesn't mean that concerns with regards to security have gone away.'
What items did Finance Minister Nirmala Sitharaman make costlier?
Six planets -- Mercury, Venus, Mars, Jupiter, Saturn, and Uranus -- will appear together in the evening sky.
US President Donald Trump repeated his claim at the World Economic Forum in Davos that he stopped the war between India and Pakistan, a claim India has consistently denied.
The fiscal tilt towards capex benefits companies in investment-related sectors like capital goods, defence equipment, engineering & construction and metal & mining. The planned cut in revenue expenditure will weigh on companies in consumption sectors like FMCG, consumer durables and retail.
'We need to give Pakistan something serious to think about on its eastern front -- that is the only way to actually help Afghanistan right now.'
Capex, infrastructure development, and prudent fiscal management are the key focus areas in the Budget, says Nilesh Shah.
Maruti Suzuki sold more cars than ever before, earned more money, and saw many first-time buyers choosing small cars again.
India has joined the US-led 'Pax Silica' alliance, aimed at building a resilient supply chain for critical minerals and artificial intelligence, marking a significant step in strengthening bilateral ties and fostering economic security.
The proposals outlined in Budget 2026-27 represent a carefully crafted, multi-year strategy designed to strengthen India's big bets on the path to Viksit Bharat 2047, says Sameer Gupta.
This is the first Budget in my memory of Budgets over the last half a century which has embraced upfront, enthusiastically and emphatically, technology, modernity and fiscal sobriety, notes Shreekant Sambrani.
Like Naseeruddin Shah said in his tribute to ANI, 'a Dharmendra-sized hole is impossible to fill.' And it truly is, thanks to the actor's rich contribution to cinema through his 65-year career.
People across India and several parts of the world paused to look up as the Moon slowly slipped into Earth's shadow during the lunar eclipse on Tuesday, March 3, 2027.
This year's Economic Survey and the Union Budget were more closely followed for more reasons than one.
Many fans hadn't even bothered to change their Team India jerseys with which they watched the match. A few wanted to carry on the stadium atmosphere into the train singing songs like Chak De India and Vande Mataram. They played them so loudly and ensured no one got a wink of sleep. Of course, the main topic of discussion was Sanju Samson.
India and Canada solidify their partnership with a landmark uranium supply agreement and discussions to finalise a comprehensive economic partnership, signaling stronger ties and cooperation on key global issues.
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