<ul data-eligibleForWebStory="false"><li>India is planning a unified incentive framework to counter China's rare earth monopoly by allowing companies to combine subsidies and benefits from multiple ministries for various parts of projects.</li><li>The plan entails a nearly ₹4000 crore outlay spread across existing programs and proposed schemes, with a focus on promoting critical mineral processing and rare earth processing initiatives.</li><li>The initiative aims to facilitate coordination between the Mines and Ministry of Heavy Industries to provide incentives for critical minerals stockpiling, processing facilities, and magnet-making, reducing costs and aligning India's offerings with Chinese counterparts.</li><li>The National Critical Mineral Mission has received Cabinet approval with significant budget allocations for stockpiling incentives, processing and recycling, as well as provisions for critical mineral processing parks, addressing the challenges faced in sectors like EV-making due to rare earth shortages from China.</li></ul>

India plans unified incentive framework to counter China’s rare earth monopoly

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