India is considering incentivizing local production of rare earth materials to reduce dependence on China.
The Centre is working on a plan to offer incentives to companies to produce rare earth magnets within the country.
India's reliance on China for rare earth magnets has been impacted by China's export restrictions, prompting exploration of alternatives like sourcing from Australia.
Despite the challenges posed by China's export ban, industry players are relatively optimistic and are exploring solutions like developing rare-earth-free motors.