Quick clearances, grants for rare earth firms soon

NEW DELHI: Companies ready to mine and refine rare earth elements may get grants and easy clearances as India tries to counter China's supply restrictions, two people with knowledge of the development said.

- Subhash Narayan & Rituraj Baruah

The measures include grants—or viability gap funding (VGF)—easing of the regulatory framework and fast-tracking auctions of rare-earth mines and acquisitions to counter the curbs imposed by China on sales of rare earth magnets and minerals, they said.

"The government aims to achieve a 10% share of global rare earth processing within the country in the coming years. VGF, incentives for refining and regulatory easing are part of the broader strategy to achieve that target," one person said.