Production of permanent magnets to start by end of year: G Kishan Reddy

By — Shyamal Sinha

Mr G Kishan Reddy, Minister of Coal & Mines, Govt of India today called for a decisive shift from resource dependency to value creation in critical minerals. He added that India is positioning itself as an attractive destination in the global critical minerals landscape to secure its strategic and economic future.

Addressing the second edition of ‘Indian Critical Minerals Landscape: Foundation for a Sustainable Future – Empowering Innovation, Growth & Self-Reliance’, organised by FICCI, jointly with the Ministry of Mines, Govt of India, Mr Reddy highlighted that India is currently 95 per cent dependent on imports of critical minerals and underscored the urgency of building a resilient, self-reliant ecosystem across exploration, extraction, processing, recycling and advanced manufacturing. 

Government is working in Reform Express mode for critical minerals sector to reduce import dependence and boost domestic production. “Central government along with state governments, and all stakeholders, are committed to working in unity to accelerate reforms in the critical minerals sector,” he emphasized.

The Minister added that 9 Centers of Excellence (CoE) have been identified to bolster R&D, innovation and skill development in the sector. Mr Reddy also stated that work has commenced under the National Critical Minerals Mission with an outlay of Rs 32,000 crore. “Over 4,000 critical mineral exploration activities have already been initiated across the country. We are strengthening the entire value chain, from exploration to advanced processing, to ensure India converts its resource potential into strategic advantage,” he said.

Reaffirming the government’s commitment, the Minister urged industry stakeholders to invest in advanced technologies, urban mining, recycling and global asset acquisition to ensure India’s emergence as a trusted and self-reliant leader in the global critical minerals ecosystem. The government, he stated, is also supporting the industry by exempting import duty on importing of raw materials for critical minerals and for this separate fund has been created. To further boost the sector, the government is supporting the National Mineral Exploration Trust, he added.

The Minister further announced that production of permanent magnets will begin by the end of this year with PLI scheme of Rs 7,280 crore. “4 states – Andhra Pradesh, Odisha, Maharashtra and Gujarat, have been identified for establishing Critical Minerals Processing Units to boost domestic value addition and reduce import dependence. Additionally, 143 coal mines have been identified under Mine Closure Activities, to be completed by 2028, with a focus on sustainable transition and resource optimisation.

The government is working to further strengthen global partnerships for overseas asset acquisition for mineral exploration, which reflects the growing international confidence in India’s mineral strategy and opens significant opportunities for collaboration, added Mr Reddy.

Mr Ed Jager, Minister (Commercial), High Commission of Canada in India, while highlighting the importance of international collaboration and resilient supply chains emphasised on global collaboration. “Critical minerals are now strategic assets shaping the global economy. Canada intends to be a stable and responsible partner for India as we deepen cooperation across exploration, processing and resilient supply chains.”

Mr Kishore S, Senior Member, FICCI Taskforce on Critical Minerals and COO, Hindustan Zinc Ltd, “Critical minerals have moved from the periphery to the core of India’s national strategy. The reforms under the National Critical Minerals Mission and transparent auction mechanisms send a strong signal of India’s long-term commitment. Industry stands ready to partner with the government to build an integrated and globally competitive ecosystem.”

Ms Jyoti Vij, Director General, FICCI said, “As we move towards the vision of Viksit Bharat, the role of natural resources, particularly critical mineral has becoming increasingly important to serve the manufacturing and downstream industries which is aligned with the principle of Atmanirbhar Bharat.’’

Speaking on the industry’s role, Mr Pankaj Satija, Co-Chair, FICCI Mining Committee and Executive Vice President, JSW Group, remarked, “This is not just a policy moment but a mission moment. Industry must work in ‘Sankalp mode’ alongside the government to build domestic value chains across exploration, processing and recycling, ensuring India’s long-term mineral security.”

During the summit, the Minister unveiled the FICCI Portal on Global Critical Minerals Assets, a comprehensive knowledge platform providing data on global mineral blocks, exploration status, ownership and resource estimates. 

FICCI-Deloitte Report on Critical Minerals, outlining policy recommendations and strategic pathways for strengthening India’s critical minerals ecosystem was released during the event.

Apart from other speakers ,Dr.Abhilash sr.principal scientist NML,Jamshedpur throws light on metal extraction n recycling etc.

Dr. Tamanna Murthy ,head mineral processing BARC, put his thoughts very extensively on relavant topics.

Vilas Tathavadkar chief technology officer ,Hindalco expressed his views on his giant co. operates across the aluminium value chains,from bauxite mining ,alumina refining ,coal mining ,etc. Hindalco is indias largest copper producer,serving more than half of the countrys copper requirements.

Pratush Sinha VP,Special projects ,LOHUM emphasised indias largest lithium — ion battery recycler with 90 percent market share and has built an intl footprint through investment in the UAE and Africa.

Ripudaman Gaur ,professor n Dean Llyod Business School extensively discussed the future of minerals n landscape among generation nxt.

Ms.Ana Repezza , Business Director ,ApexBrasil thoroughly discussed global partnerships for resilient critical minerals supply chains .

Toyokazu Nagamune ,Regional Representative of METI Japan and Sr.director JETRO highlighted strenghthening global parnership for critical minerals supply chains ,

Artem Ukolov ,head business development ,Russian trade commission in india highlighted critical minerals supply chains ,multiple countries and diplomatic missions to come frwd for intl cooperation in building secure n safe minerals chains globally.

Roy Postigo Medina trade specialist of Peru in india extensively discussed how govt.industry,and institutions, can collaborate across exploration ,processing,and downstream manufacturing .

last but not the least Rajiv Maitra partner Deloitte moderator put his words nicely coordinated well.

The summit witnessed strong participation from industry leaders, global partners and policymakers, who deliberated on accelerating domestic exploration, strengthening processing capabilities, leveraging advanced technologies including AI, building innovative financing models, and forging resilient international partnerships to secure critical mineral supply chains.