<p>Mumbai: China's ban on rare earth trade will impact domestic production and exports across five sectors in India, economists at SBI said on Monday.</p>.<p>A report by the economists pegged the overall imports of rare earths and compounds at $31.9 million and magnet imports at $291 million in FY25.</p>.<p>Volumes of India's consumption of rare earths and compounds has seen a rising trend, it said, adding that import of rare earth magnets by India increased sharply in FY25.</p>.<p>"China dominates in India's direction of trade in rare earth minerals and compounds," it said, listing out priorities India needs to adopt.</p>.<p>"The top sectors impacted by China's ban include transport equipment, basic metals, machinery, construction and electrical and electronics. Both domestic production and exports will be impacted," it added.</p>.<p>It added that Indian financial institutions, including banks, are also at risk of some impact because of this.</p>.<p>The SBI report recommended states to take additional steps to ensure better exploration of such resources, which can reduce dependency on imports.</p>.<p>It also cited a Rs 8,000-crore scheme by the government of Odisha as a case in point, and specified about efforts to search for minerals in the Ganjam district.</p>
<p>Mumbai: China's ban on rare earth trade will impact domestic production and exports across five sectors in India, economists at SBI said on Monday.</p>.<p>A report by the economists pegged the overall imports of rare earths and compounds at $31.9 million and magnet imports at $291 million in FY25.</p>.<p>Volumes of India's consumption of rare earths and compounds has seen a rising trend, it said, adding that import of rare earth magnets by India increased sharply in FY25.</p>.<p>"China dominates in India's direction of trade in rare earth minerals and compounds," it said, listing out priorities India needs to adopt.</p>.<p>"The top sectors impacted by China's ban include transport equipment, basic metals, machinery, construction and electrical and electronics. Both domestic production and exports will be impacted," it added.</p>.<p>It added that Indian financial institutions, including banks, are also at risk of some impact because of this.</p>.<p>The SBI report recommended states to take additional steps to ensure better exploration of such resources, which can reduce dependency on imports.</p>.<p>It also cited a Rs 8,000-crore scheme by the government of Odisha as a case in point, and specified about efforts to search for minerals in the Ganjam district.</p>