Mining for Independence! India to Boost Rare Earth Magnet Production & Cut Imports

The Indian government is preparing to launch an incentive scheme aimed at boosting domestic production of rare earth magnets, a move designed to reduce dependence on Chinese imports and secure critical supply chains for industries such as electric vehicles (EVs), defense, and electronics.

 

Key Highlights of India’s Rare Earth Magnet Initiative

Why Is India Taking This Step?

China controls over 90% of global rare earth magnet processing, and recent export restrictions have delayed shipments, affecting Indian manufacturers. With EV adoption rising, India aims to develop its own rare earth industry to avoid future supply shocks.

 

Outlook on India’s Rare Earth Strategy

The proposed scheme is expected to accelerate domestic production, reduce reliance on imports, and strengthen India’s position in the global rare earth market. Industry experts believe that long-term investments in mining, refining, and recycling will be key to achieving self-sufficiency.

 

Sources: Financial Express, MSN, The Hindu BusinessLine, Moneycontrol, Rare Earth Exchanges.