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The rare earth magnet project is being positioned as a key strategic move, with Union IT and Electronics Minister Ashwini Vaishnaw highlighting its indigenous foundation.
The rare earth magnet project stands for its fully indigenous technology and intellectual property, according to Electronics and IT Minister Ashwini Vaishnaw.
The government on March 30 approved 29 projects worth Rs 7,104 crore under the Electronics Component Manufacturing Scheme (ECMS), including India’s first rare-earth permanent magnet manufacturing facility with an investment of Rs 700 crore.
The rare earth magnet project stands for its fully indigenous technology and intellectual property, according to Electronics and IT Minister Ashwini Vaishnaw.
“The entire technology of this company is their own…their own IP,” he said.
The approved projects span 16 product segments, including lithium-ion cells, flexible PCBs, connectors, and display modules. These investments are distributed across eight states, with Karnataka and Maharashtra accounting for the highest number of projects.
According to the government, the projects are expected to generate over 14,000 jobs and enable production worth Rs 84,515 crore.
Vaishnaw said the magnet unit marks a breakthrough in developing domestic capabilities across the refined mineral-to-magnet value chain, an area currently dominated by a few global suppliers.
The government estimates that domestic manufacturing could cater to 25% of India’s rare earth magnet demand. It has also set localisation targets of 50% for printed circuit boards (PCBs) and 61% for lithium-ion batteries, signalling a broader push to deepen electronics manufacturing within the country.
March 30, 2026, 2:50 PM IST
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