India boosts rare earth magnet production with INR 7,300 Cr incentive

India proposed INR 7,300 crore incentive for domestic rare earth magnet production, awaiting cabinet approval. The plan allocates INR 6,500 crore for capital and INR 800 crore for operations, targeting 6,000 tonnes by 2030. China’s export ban on rare earth elements impacted EV sectors, prompting Ather Energy’s manufacturing adjustments. Improved India-China relations offer hope, with China seeking assurance against re-exports to the U.S.