India to invest ₹7,280cr in rare earth magnets production
India
India just greenlit a ₹7,280 crore plan to build factories for rare earth permanent magnets—key parts inside EVs, wind turbines, and gadgets you use every day.
The goal: make 6,000 metric tons a year right here in India instead of relying on imports.
Five companies will get production slots through global bidding
Five companies will get production slots through global bidding, each making up to 1,200 tons yearly.
The plan covers everything from raw materials to finished magnets and includes cash incentives—helping India move up the tech chain.
With demand for these magnets set to double
With demand for these magnets set to double (think more EVs and greener tech), this move means more local jobs, stronger supply chains, and a boost toward India's net-zero goals.