India's rare earth magnet crisis: The road ahead for domestic EV companies

China's recent decision to lift the curbs on rare earth magnets, minerals and fertilisers (among other things) has offered respite to India’s rapidly growing electric vehicle (EV) sector. With the nearly three-month bottleneck delaying production for manufacturers, even temporarily halting it for brands like Bajaj Auto, the recent thawing of Indo-China diplomatic relations has many heaving a sigh of relief. However, the curb has also exposed major gaps in India's EV supply-chain ecosystem, which continues to remain highly dependent on China for critical and rare earth minerals. According to a report published by Primus Partners, the projected demand for rare…