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India to invest ₹5,000cr in rare earth magnets—Here's why
India is seriously stepping up its game in rare earth magnet production, bumping the budget from ₹1,350 crore to over ₹5,000 crore.
The goal? To boost annual output from 1,500 to 6,000 metric tons and build homegrown tech for things like EVs, wind turbines, and defense gear—so we're less dependent on imports.
With demand set to double by 2030, India is future-proofing itself
Thanks to input from industry giants like JSW Group and Mahindra Group (and a nudge from the PM's Office), the new scheme will let at least five manufacturers join in and earn incentives for making up to 1,200 metric tons each year.
With demand expected to double by 2030, this move is all about future-proofing India's supply chain for next-gen tech.