India consults 20 firms for ₹7,280cr rare earth magnets scheme
India's government consulted with about 20 companies to kickstart a ₹7,280 crore plan for making rare earth permanent magnets—key parts in everything from electric vehicles to electronics.
The move, led by Union Minister H.D. Kumaraswamy, is all about boosting local production and cutting down our heavy reliance on imports from China.
Why should you care?
Right now, India imports almost all of these high-tech magnets, but demand is set to double by 2030.
This scheme aims to build up homegrown capacity with big incentives and steady raw material supply from India Rare Earths Ltd.
With over 7 million tons of rare earth reserves in the country, this push could mean more jobs, stronger tech manufacturing at home, and less vulnerability to global supply shocks—especially as the world goes greener and smarter.