China's Rare Earth Dominance Under Threat? India Rolls Out Massive ₹7300 Crore Scheme to Build Own Magnet Industry!

Overview

India is launching a ₹7,300 crore Production-Linked Incentive (PLI) scheme to build a domestic rare earth magnet industry. Approved by the Finance Ministry's Expenditure Finance Committee, this initiative aims to reduce reliance on China, which currently dominates global supply chains for these critical components used in EVs, defense, and renewables. The scheme, set for cabinet clearance, will offer incentives to manufacturers to build capacity and de-risk India's supply chains.