With China squeezing the supplies of rare earth magnets, used by auto companies, the Ministry of Heavy Industries has called a meeting of stakeholders on June 3 to finalise a concept note for a scheme to promote their manufacture in India.
The note will entail offering targeted financial incentives to companies that get into the business, a public-private partnership model to set up rare earth metal processing as well as magnet-production units, and identifying and collaborating with alternative sources in other countries to reduce India’s dependence on only China.