Daijiworld Media Network – New Delhi

New Delhi, Nov 3: In a major move to boost domestic manufacturing and reduce dependence on China, India is planning to nearly triple the size of its incentive program for rare earth magnet production to over Rs 7,000 crore ($788 million), according to sources familiar with the development.

The proposal, which awaits cabinet approval, marks a sharp rise from an earlier $290 million plan aimed at securing critical materials essential for electric vehicles, renewable energy projects, and defence applications. The final figure may still vary, officials said.

The plan comes as several nations, including India, are working to build independent rare earth supply chains amid China’s tightening export controls. China currently processes nearly 90% of the wor

See Full Page