India is set to triple rare earth magnets plan to $788 million

India plans to almost triple the size of its incentive program for rare earth magnet manufacturing to more than Rs 7,000 crore ($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 defense, 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…