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India Launches $815M Rare-Earth Magnet Program to Cut Reliance on China
India Launches $815M Rare-Earth Magnet Program to Cut Reliance on China
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BTCCSquare news:
India has approved a ₹7,280 crore ($815 million) incentive program to establish domestic production of rare-earth permanent magnets (REPMs), targeting self-sufficiency in critical materials for EVs, clean energy, and electronics. The plan aims to create five manufacturing units, each capable of producing 1,200 tonnes annually, with full-scale output expected within three years.
The initiative seeks to diversify global supply chains currently dominated by China. India’s REPM strategy includes converting rare-earth oxides into metals, alloys, and finished magnets—a vertical integration designed to secure strategic industries. Production incentives will span seven years, including two years for facility construction.
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