Next Article
Centre aids private factories in rare earth magnet production
India is gearing up to make its own rare earth magnets after China, which supplies almost all of them, started restricting exports.
The government plans to support private factories with new tech over the next few months, aiming to keep local industries running smoothly without depending on China.
Government is investing over ₹1,300 crore in this push
To make this happen, a Hyderabad institute has set up a magnet processing unit, and Production-Linked Incentive (PLI) schemes are rolling out for manufacturers.
The government is investing over ₹1,300 crore in this push, plus launching a Critical Mineral Mission with a hefty ₹16,300 crore budget—so India can secure vital materials and build a stronger supply chain for the future.