India to set up local rare earth magnet plants
Right now, India's electric vehicle (EV) industry relies almost entirely on rare earth magnets from China—over 90% come from there.
But with China recently tightening exports and causing delays for more than 20 Indian companies, it's clear that depending on one country is risky.
These magnets aren't just for EVs—they're also crucial for renewable energy and defense tech.
In the meantime, a 5-step plan is being prepared
To break free from this dependence, a new five-step plan is in the works. It includes price guarantees to attract investors, pilot production hubs in Odisha, Andhra Pradesh, and Tamil Nadu, and boosting local capacity at IREL.
There's also talk of a national innovation hub for research and a strategic reserve so India can cover six months' needs on its own.
The goal? Build a homegrown supply chain so future tech isn't held up by global hiccups.