Amid China's export curbs, India plans Rs 1,345 crore rare earth magnet incentive scheme

India plans to boost local production of rare earth magnets. This move aims to cut reliance on China. The government is considering a ₹1,345-crore scheme. It will encourage domestic manufacturing for electric vehicles and electronics. H D Kumaraswamy announced this initiative. A portal was launched to support electric truck subsidies. The PM E-Drive scheme promotes decarbonisation.