India plans to almost triple the size of its incentive programme for rare earth magnet manufacturing to more than $788 million as it races to build domestic capacity in a sector dominated by China, according to people familiar with the matter.

The proposal, awaiting cabinet approval, represents a significant step up from an earlier $290 million plan aimed at securing critical materials for electric vehicles, renewable energy and defence, the people said, asking not to be identified as the information isn’t public. The final allocation could still change, they said.

India is joining several nations in accelerating efforts to develop a supply chain for rare earth magnets after China—which processes about 90% of global output—tightened export controls in April amid its trade dispute with th

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