China to get sleepless nights as Modi government makes Big move into Rare Earth magnets production, Rs 13450000000 to...
Kamran Rizvi, the Secretary at the Ministry of Heavy Industries, has said that a draft scheme for rare earth magnet processing has been circulated for inter-ministerial consultation. The scheme is likely to provide incentives for establishing manufacturing infrastructure in the full value chain – mineral extraction and refining to manufacture of finished magnets.
Kamran Rizvi, Secretary at the Ministry of Heavy Industries, stated that any manufacturer who does the end-to-end processing of rare earth oxides to finished magnets can receive the subsidy. This scheme will include both private and public sector enterprises.
China's overwhelming control of global rare earth processing – commanding over 90 per cent of the world's magnet production capacity–has created significant vulnerabilities for industries worldwide. These materials are critical across multiple sectors, including automobiles, home appliances, and clean energy systems.
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