The government is planning a major push to strengthen its rare earth magnet manufacturing capacity, with the government considering a proposal to nearly triple the size of its incentive programme to more than Rs 70 billion ($788 million), reported Bloomberg.
The move aims to build domestic capability in a critical industry that is currently dominated by China.
According to the report, the new plan represents a major step up from the earlier $290 million initiative, which was focused on ensuring supplies of essential materials for electric vehicles, renewable energy, and defence sectors.
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The proposal is awaiting cabinet approval, and the
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