The Union Mines Minister said India will start producing rare-earth permanent magnets in 2026. A scheme approved by the Cabinet in November 2025, with an outlay of ₹7,280 crore, targets 6,000 tonnes a year. These magnets are vital for electric vehicles, renewable energy, electronics, aerospace and defence. Critical mineral processing parks will be set up in Odisha, Andhra Pradesh, Maharashtra and Gujarat, and minerals will also be recovered from discarded phones and e-waste.