<ul><li>China dominates the production, processing, and supplies of rare earth magnets, prompting India to seek alternative sources due to export restrictions and security concerns.</li><li>India is planning a long-term strategy to reduce dependency on China by incentivizing domestic manufacturing of rare earth magnets with an estimated outlay of ₹3,000 crore and a capacity ramp-up to 4,000 tonnes over 7-10 years.</li><li>Over 30 Indian companies, including Brakes India, Kyocera AVX Components, and Hitachi Astemo, source rare earth magnets from China and are in the process of seeking approvals to diversify sources.</li><li>An upcoming industry delegation plans to visit China to expedite export licenses for rare earth magnets based on End User Certificates (EUCs), aiming to enhance India's self-reliance in this critical segment.</li></ul>

PLI-like plan in works to secure supplies of rare earth magnets

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