Magnet Power Play: India's Rs 1345 Crore Plan to Break China's Grip

Headline: Magnet Power Play: India’s Rs 1345 Crore Plan to Break China’s Grip

India is poised to launch a Rs 1,345-crore scheme to bolster domestic rare earth magnet production. The ambitious initiative aims to significantly reduce reliance on China for these crucial components.

The subsidy programme will target two key manufacturers, aiding their conversion of rare earth oxides into finished magnets. This move is a direct response to China’s export restrictions, which have severely disrupted global supply chains.

The impact on electric vehicle (EV) makers, heavily reliant on these magnets for motor production, has been particularly acute. This scheme promises to alleviate this dependence and boost India’s EV sector.

The proposal is currently awaiting Cabinet approval. Its implementation will be a crucial step towards securing India’s strategic material needs and strengthening its position in the burgeoning global EV market. The success of this initiative could significantly reshape India’s technological landscape and enhance its economic competitiveness on the world stage.

Karanveer Sharma

A dedicated journalist and legal expert with a passion for uncovering the truth and advocating for justice. With hands-on experience in investigative journalism, legal research, and case analysis, I possess a strong ability to break down complex legal and societal issues into clear, impactful narratives. My work is driven by a commitment to transparency, integrity, and empowering people with accurate, insightful information.