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Local push in rare earth magnet sops
Mint Mumbai
|August 19, 2025
More the local content, higher the govt incentives on cards
India may link incentives aimed at spurring rare earth magnet manufacturing to the level of local materials used as the government seeks to counter China's supply curbs, according to two people aware of the development.
The government is considering a cascading localization provision for sourcing rare earth oxides, the people said. They spoke on the condition of anonymity as the scheme is still being finalized.
Levels or tiers are under consideration, said the first person quoted earlier. "This means whoever sources their raw material for processing from India, domestically, they can get higher incentives."
The ministries of heavy industries, and mines have not finalized the scheme draft yet, the second official said.
Queries emailed to the two ministries on 14 August remained unanswered.
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