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India Triples Rare Earth Magnet Investment to Cut China Reliance: Report
Articles- Nov 04,25
India is set to boost its rare earth magnet manufacturing capacity by nearly tripling its incentive programme to over Rs 70 billion ($788 million), aiming to reduce reliance on China.
The Indian government is planning a significant expansion of its rare earth magnet manufacturing capabilities, with a proposal to nearly triple the size of its incentive programme to more than Rs 70 billion ($788 million), according to a report by Bloomberg.
This move is designed to strengthen domestic production in a sector that is currently dominated by China. Rare earth magnets are critical components in industries such as electric vehicles, renewable energy, and defence. The expanded programme is a major step forward from the previous initiative, which was valued at $290 million and focused on securing supplies of these essential materials.
The new plan is part of India’s broader strategy to enhance its manufacturing capabilities in strategic industries, reduce reliance on Chinese imports, and secure a more self-sufficient supply chain for critical technologies.
(Source: India Today)
(Source: India Today)
Rare earth magnets
India
Incentive programme
Defence
Bloomberg
China reliance
Manufacturing capacity
Electric vehicles
Renewable energy
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