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India plans to triple rare earth magnets manufacturing incentive programme
India increases incentive scheme to ₹70 billion to expand rare-earth magnet manufacturing and strengthen EV and clean-technology supply chains.
India’s government is set to nearly triple the size of its incentive programme for rare-earth magnet manufacturing to over ₹70 billion, aiming to build domestic capacity in a sector currently dominated by China. The decision supports India’s push in clean energy, EV supply chains and critical minerals. Industry participants say manufacturers can now plan investments with greater clarity, though skilled-labour shortages and global supply-chain bottlenecks remain constraints. The shift signals India’s ambition to upgrade from commodities importer to manufacturing hub in strategic technology materials.