India Allocates ₹1345 Cr To Manufacture Rare Earth Magnets, Counter China’s Monopoly

In a strategic move to reduce dependency on China, the Indian government has earmarked ₹1,345 crore to kickstart the domestic production of rare earth magnets — a critical component used in electric vehicles, defence, space tech, and electronics. With China tightening export controls, this investment aims to break Beijing’s monopoly on the global rare earth supply chain. The plan includes R&D support, industrial-scale production, and partnerships with both PSUs and private players. This marks India’s most serious bid yet to enter the high-stakes world of critical minerals and advanced manufacturing. Can India rise as a rare earth power?