Fiscal sops on cards for making rare earth magnets locally: Union Minister HD Kumaraswamy

India plans fiscal incentives for local rare-earth magnet production. HD Kumaraswamy highlighted the move at an ACMA event. The aim is to reduce reliance on Chinese supplies for EV motors. A scheme supporting global value chain participation is also in the works. Existing PLI schemes have spurred investments and job creation.

from Auto-Industry-Economic Times https://ift.tt/fNLcSed