India launches Rs 1,345 crore scheme to boost rare Earth Magnet Production

India launched a Rs 1,345 crore incentive program to boost domestic rare earth magnet production, reducing China's reliance. The scheme supports private and public investment across the supply chain, aiming to produce 4,000 tonnes of magnets in seven years using local resources. With huge rare earth reserves, India seeks to strengthen supply security for electric vehicles, telecom, and defense.