TL;DR
India approves a ₹7,300 crore 'Magnet Scheme' to boost domestic rare earth production to 6,000 tonnes by 2030, reducing import dependency for EVs and clean energy.
India has approved a substantial ₹7,300 crore 'Magnet Scheme' aimed at significantly boosting the domestic production of rare earth elements. This initiative is critical for the country's ambitions in the electric vehicle (EV) and clean energy sectors, as rare earth magnets are vital components in EV motors and various renewable energy technologies. The scheme targets increasing India's rare earth production to 6,000 tonnes by 2030.
The move is designed to reduce India's heavy reliance on imports, particularly from China, for these crucial materials. By strengthening the domestic supply chain for rare earths, the government intends to foster self-sufficiency in EV battery and component manufacturing. This policy is expected to provide a strong impetus to local industries, driving innovation and creating a more robust ecosystem for advanced clean energy technologies.