The South Asian nation has 7.23 million tonnes of rare earth elements, Jitendra Singh has said

India has about 7.23 million tonnes (MT) of rare earth elements, Minister of State for Science and Technology Jitendra Singh told the lower house of the Indian parliament on Wednesday.

Another 1.29 MT of rare earths are situated in hard rocks in the states of Gujarat and Rajasthan, Singh wrote in a reply to a parliamentary question, according to the Indo Asian News Service (IANS). 

Rare earths are used in areas such as defense, electronics, and batteries in electric vehicles. 

India's Atomic Minerals Directorate for Exploration and Research is exploring and augmenting rare earth minerals in coastal sands, riverine areas, and hard rock terrains, IANS added. 

The Geological Survey of India has identified 482.6 MT of rare earth element ore resources across 34 projects, Singh said. 

Although the South Asian nation possesses the world's third-largest reserves of rare earths, less than 20% has been explored so far. 

Earlier this month India launched a $156 million subsidy scheme to boost domestic production of rare earth magnets.

The proposed scheme aims to support both private companies and public sector enterprises by providing incentives to establish domestic capacity across the entire value chain. 

New Delhi has stepped up its efforts to make the magnets after Beijing announced export restrictions in April. China presently dominates the global market, accounting for around 60% of the world's supply of rare earth magnets.

Under China's revised rules, its exporters are required to secure licenses and submit end-use declarations that confirm that materials will not be used in the defense industry or be re-exported to the US. 

In light of the restrictions, the Indian Foreign Ministry is proactively working with key stakeholders to address the difficulties caused by certain countries' export restrictions on rare earth magnets, Singh added.