<ul data-eligibleForWebStory="false"><li>India plans a Rs 1,345-crore scheme to boost rare-earth-magnet production to secure critical supply chains for clean energy and manufacturing amid China's export restrictions.</li><li>The scheme aims to incentivize domestic production of rare earth magnets essential for electric vehicles, wind turbines, and other applications, reducing strategic risks posed by sudden supply disruptions or price shocks.</li><li>This initiative falls under the self-reliant India program to localize production of key components in high-tech industries and reduce reliance on China's dominance in the global supply chain for rare earth elements.</li><li>India lacks large-scale processing and magnet-making capabilities for rare earth minerals, relying on imports from China and other suppliers, highlighting the importance of boosting domestic production.</li></ul>

India Plans Rs 1,345-Crore Scheme To Boost Rare-Earth-Magnet Production Amid China's Export Restrictions

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