India moves to build rare-earth magnet industry after China curbs
India is stepping up to build its own rare-earth magnet industry after China tightened exports, which shook up global supply chains.
Even though India has the world's third-largest rare earth resources, it still imports almost 90% of these magnets, key parts for electric cars, defense tech, and clean energy.
In FY25 alone, India brought in nearly 54,000 metric tons of rare-earth magnets.
Government launches ₹7,280cr incentive plan
To cut down on imports, the government launched a ₹7,280 crore incentive plan to boost homegrown production and keep the economy and national security strong.
But industry insiders say money alone isn't enough: they're worried about actually getting the right raw materials like dysprosium and terbium for high-performance magnets.
So now India's aiming for a full mine-to-magnet setup: mining, refining, making alloys, and recycling, all to cover more of its own needs in the future.