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India Unveils INR72.8 Billion Plan for Rare Earth Magnets

11/28/2025

23 3 Full Breakdown

Summary

Story summary

India approved a INR72.8 billion plan to boost domestic production of rare earth permanent magnets to reduce imports from China and align with India's self-reliance and climate commitments.
The plan targets a manufacturing capacity of 6,000 metric tons per year.
The program includes sales-linked incentives and capital subsidies.
A competitive bidding process will select five beneficiaries.
Domestic magnet consumption is projected to double by 2030.

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Story summary

India approved a INR72.8 billion plan to boost domestic production of rare earth permanent magnets to reduce imports from China and align with India's self-reliance and climate commitments.
The plan targets a manufacturing capacity of 6,000 metric tons per year.
The program includes sales-linked incentives and capital subsidies.
A competitive bidding process will select five beneficiaries.
Domestic magnet consumption is projected to double by 2030.