India Approves $800m Plan to Boost Rare Earth Magnet Production   

India has approved a more than $800 million plan to boost production of rare earth magnets in an effort to secure supplies and cut its dependence on imports from countries like china.

 Rare Earth Permanent Magnets (REPMS), some of the strongest types of permanent magnets, made from alloys of rare earth elements, are used in many critical sectors, including electric vehicles, aerospace, and renewable energy.

 New Delhi currently meets its demand primarily through imports, with the government estimating that the country’s needs could double by 2030 and as such plans offering sales-linked incentives and subsidies to help establish a manufacturing capacity of around 6,000 metric tons per year.

 India’s Cabinet approved on Tuesday a 72.8 billion rupee ($815.3 million) scheme to promote the production of REPMS, which the government said will help secure the supply chain for domestic industries.