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Component industry facing Rare Earth magnet crisis, ACMA demands national strategy
Rare Earth Magnets: The auto component industry, facing a shortage of rare earth magnets, has demanded that the government formulate a national strategy to deal with this crisis. ACMA has described self-reliance and alternative solutions as the need of the hour.
As a result of China's export ban on rare earth magnets, its crisis in India is growing. The auto component sector is under the threat of halting production due to a lack of rare earth magnets. Terming this crisis as severe, President, Automotive Component Manufacturers Association (ACMA), Shraddha Suri Marwah said the time had now come for India to be self-reliant in this area. He has called on the federal government to develop a national policy about critical materials.
China made the special license for export of rare earth minerals and magnets compulsory from 4 April 2025. China possesses over 90% of the world's magnet processing capacity. India has not seen a single import of rare earth magnets since April.
ACMA Director General Vinnie Mehta said that companies have limited stock left, and this cannot be a permanent solution.
