Rare earth magnets crisis: Industry trying to find alternatives, says Assocham President

Rare earth magnets crisis: Industry trying to find alternatives, says Assocham President

The industry is looking at finding alternatives in the face of the rare earth magnets crisis, Assocham President Nirmal K Minda said on Friday, asserting that India needs to identify areas where there is heavy import reliance on one nation to mitigate the challenges emanating from potential geopolitical disturbances..

Addressing his maiden press conference after taking over as the President of the industry lobby, Minda stated that Assocham "has started collecting import data through different sources" for various sectors and will suggest a sector-wise strategy to the government on cutting import reliance, and whether any subsidies or policy interventions are needed to achieve it.

Minda, the Executive Chairman of the UNO Minda Group, expressed optimism that the issue of the heavy tariffs levy on Indian goods by the US will be resolved "sooner or later", terming it a cause of concern for certain sectors.

"As far as tariffs are concerned, it is a matter of concern for some sectors, particularly textiles, pharma and others. But I am quite hopeful and positive and may be optimistic that things will be solved sooner or later," he said.

He also called for improving the ease of doing business, with a focus on MSMEs.

Speaking on the sidelines of the press conference, he observed that "We can do much better" as far as economic growth is concerned, while expressing confidence that India will continue to grow and become a USD 30 trillion economy by 2047.