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Story summary
- In January 2026, India approved a 73 billion rupee plan to produce 6,000 tonnes of permanent magnets annually within seven years.
- The plan aims to cut reliance on China, which supplies 80-90% of India's magnets.
- Experts say investment alone won't suffice because India lacks industrial expertise and processing capabilities.
- Budget 2026 could be pivotal for boosting private investment and shaping a rare earth strategy to address mining, processing, and manufacturing.
