India Rare Earth Magnet Manufacturing Expansion Plan

planned

India plans to almost triple the size of its incentive program for rare earth magnet manufacturing to more than Rs 7,000 crore ($788 million) to build domestic capacity in a sector dominated by China. The initiative aims to reduce dependence on China by providing financial support through production-linked and capital subsidies to about five companies. The plan is awaiting cabinet approval and represents a significant increase from an earlier $290 million plan focused on securing critical materials for electric vehicles, renewable energy, and defense.