India set to triple size of its rare earth magnets plan

Synopsis India is ramping up its incentives for rare earth magnet manufacturing, aiming for an investment surpassing Rs 7,000 crore to enhance local production capabilities. This strategic initiative is designed to lessen dependence on China, the leading market player, while also providing financial support to companies through various subsidies. 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…