India to roll out incentives for local rare earth magnet production: HD Kumaraswamy

India is proactively reducing its reliance on Chinese rare earth magnet supplies by introducing fiscal incentives to boost local manufacturing. The scheme aims to support capital investments and operating costs, addressing vulnerabilities in critical raw materials essential for EV motors. This initiative seeks to offset high tariffs, bridge cost gaps, and secure steady supplies amidst global trade restrictions.

from Auto-Industry-Economic Times https://ift.tt/OENU2jT