India Introduces Rare Earth Magnet Plan
(MENAFN) India has unveiled a subsidy initiative worth USD156 million to encourage the local manufacturing of rare earth magnets, according to a business news outlet.
This strategic step follows China's decision to implement restrictions on the export of rare earth elements.
Although India holds the globe's third-largest repository of rare earth minerals, less than one-fifth of these resources have been tapped to date.
“It is proposed that there will be two manufacturers as of now, but this could change by the time the scheme is ready,” stated India’s Minister of Heavy Industries and Steel, H.D. Kumaraswamy, as quoted by the news outlet.
A representative from the ministry noted that the financial support will be accessible to producers who manage the full production cycle — starting from rare earth oxides and ending with magnet manufacturing.
The proposed program seeks to aid both private sector firms and government-owned organizations by offering benefits to develop capabilities across the complete manufacturing process.
India Rare Earth Limited, a state-supported enterprise, is expected to play a vital role by supplying around 500 tons of rare earth input materials to original equipment manufacturers engaged in creating magnets, the news outlet highlighted.
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