Business EconomyPosted at: Oct 4 2026 7:36PM


India targets import dependence in rare-earth magnets, energy as structural reforms continue: Shaktikanta Das

New Delhi, Oct 4 (UNI) India is working to build domestic capacity in critical sectors where it remains dependent on imports, including rare-earth permanent magnets, while continuing with structural reforms aimed at strengthening macroeconomic and financial stability, Principal Secretary-2 to the Prime Minister Shaktikanta Das said.
Speaking at the Kautilya Economic Conclave, Das said the government was focusing on developing long-term domestic capabilities in areas that are strategically important and vulnerable to external supply disruptions.
“India has done a lot on domestic capacity where we were largely import dependent,” Das said, highlighting rare-earth permanent magnets as one of the key areas where efforts are underway to reduce import reliance.
"The push for domestic production comes against the backdrop of growing geopolitical risks, supply-chain disruptions and volatility in global commodity markets. Rare-earth permanent magnets are critical inputs for electric vehicles, renewable energy equipment, electronics and several advanced manufacturing applications," he added.
Alongside critical minerals and manufacturing, India is also seeking to expand its domestic energy resource base.
Das said the government has opened up areas that were previously classified as no-go zones for oil exploration and is moving towards greater exploration of deepwater resources.
“The government has approved the Samudra Manthan scheme. We had no-go zones in oil exploration. We are getting into deepwater exploration,” he said.
Greater domestic exploration is expected to form part of India's broader effort to improve energy security and reduce exposure to fluctuations in international energy markets.
Das said the expansion of domestic productive capacity would go hand in hand with continued structural reforms and measures to strengthen India's macroeconomic and financial buffers.
“We are continuing with structural reforms and developing domestic capacity where we were dependent on imports and building macroeconomic and macro-financial stability,” he said.
He attributed India's ability to withstand external shocks to a series of reforms implemented over the past decade. These included the adoption of flexible inflation targeting, the rollout of the Goods and Services Tax, expansion of digital payments, banking-sector reforms and fiscal consolidation.
According to Das, these measures helped create economic and financial buffers that have supported the country through periods of global uncertainty.
Das also clarified that India's push for self-reliance should not be viewed as a shift towards protectionism or a retreat from the global economy.
“Atmanirbharta does not mean isolation,” he said, stressing that building domestic capabilities must be accompanied by deeper participation in global supply chains.
The approach involves strengthening India's position in strategic areas such as advanced manufacturing, defence production and critical technologies while continuing to engage with international markets.
Das also pointed to green hydrogen, sustainable agriculture and the circular economy as areas with the potential to contribute to India's next phase of economic expansion.
As India works towards its long-term Viksit Bharat 2047 objective, Das said maintaining the momentum of structural reforms, strengthening domestic capabilities and preserving macroeconomic stability would remain central to sustaining economic growth. UNI VK SAS
Tags: #India targets import dependence in rare-earth magnets# energy as structural reforms continue: Shaktikanta Das
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