Incentive scheme worth Rs 1,345 Cr proposed for rare earth magnets production in India

An incentive scheme worth ₹1,345 crore has been proposed for rare earth magnets to reduce dependence on China. This substantial government initiative aims to boost domestic manufacturing of critical components used in high-tech industries, particularly electric vehicles and renewable energy. The scheme reflects a strategic move to secure supply chains and enhance self-reliance by incentivizing local production of rare earth magnets, thereby reducing reliance on imports, primarily from China. This is a key step towards strengthening India's industrial capabilities in strategic materials.