IIG's mandate and its major responsibilities are listed as follows.

1. To conduct basic research in Geomagnetism and allied fields such as Geophysics, Space and Atmospheric Sciences.
2. To maintain and expand the magnetic observatory network across the nation with the objective of acquiring high quality magnetic field measurements from a number of sites.
3. To attract, train and develop skilled manpower in Geomagnetism and allied fields.
4. To conduct interdisciplinary research and bring out quality research for societal benefits.
5. To develop and supply world class magnetometers and facilitate research in the field of Geomagnetism.
6. To provide geomagnetism related services or consultancy to departments/industries (e.g., for compass calibration, geomagnetic field surveys, etc.).
7. To plan and participate in Arctic and Antarctic expeditions.
8. To conduct several public outreach activities and inspire young talent to pursue research in Geomagnetism and its allied fields.