New Delhi | India is ramping up domestic production of rare earth permanent magnets, crucial for electronics, space, aerospace, defence and electric vehicles, with the first-ever Samarium Cobalt plant becoming operational in 2023, Union Minister Jitendra Singh said on Wednesday.

While admitting that over 80 per cent of these magnets are still imported due to limited domestic capacity, Singh, who is MoS Prime Minister's Office, highlighted significant strides made in the last 10-11 years through high prioritisation by the government.

"Our present requirement of rare earth permanent magnet is 4,000 tonnes but by the time we reach 2030 and are able to produce 5,000 tonnes indigenously, our requirement would have gone up to 8,000 tonnes," Singh said.

He outlined ambitious targets -- 500 tonnes per annum in the first phase, scaling to 2,000 tonnes by 2028 and 5,000 tonnes by 2030.

"Prime Minister Modi himself launched it (the Samarium Cobalt plant)... We have initiated processes and we are in the process of scaling up," the minister added, emphasising the need for further expansion to meet rising demand.

Singh noted there is "no reason to deny but modestly admit" the import reliance, but asserted that India has "started in that direction".

Rajasthan and Gujarat are among the states endowed with rock minerals, though extraction involves a cumbersome process with relatively modest yields. Efforts are underway to scale up production, and the process is expected to accelerate once the SHANTI Act comes into force.