Stories
India Boosts Domestic Capacity in Key Sectors, Targets Rare-Earth Magnets: Shaktikanta Das
- •India is intensifying efforts to build domestic capacity in import-dependent sectors, with a specific focus on rare-earth permanent magnets, as stated by Shaktikanta Das.
- •The initiative is part of a broader strategy to enhance India's resilience against external shocks by reducing vulnerabilities in critical sectors while remaining integrated with global markets.
- •The government is also expanding domestic energy exploration, including deepwater exploration in previously restricted areas, under the Samudra Manthan scheme.
- •Das emphasized that structural reforms will continue alongside efforts to strengthen macroeconomic and financial stability, highlighting reforms like flexible inflation targeting, GST, and digital payments.
- •The push for self-reliance (Atmanirbharta) is not isolationist but aims to build stronger domestic capabilities and greater participation in global supply chains, particularly in strategic manufacturing and critical technologies.
Key Questions Answered
India is stepping up efforts to build domestic capacity in import-dependent sectors like rare-earth permanent magnets and expanding domestic energy exploration, such as deepwater exploration under the Samudra Manthan scheme, while continuing with structural reforms to ensure macroeconomic stability.
Shaktikanta Das stressed that Atmanirbharta does not mean isolation or protectionism, but rather an objective to build stronger domestic capabilities while remaining deeply integrated with global markets and supply chains.
Rare-earth permanent magnets are critical inputs for electric vehicles, renewable energy equipment like wind turbines, electronics, advanced manufacturing, and defense systems, making capability-building in this sector strategically vital.
