In November 2025, India approved a 73bn-rupee ($800m; £600m) plan that could help it to cut its dependence on China in one of the most strategic corners of the global supply chain: rare earth magnets.
These small but powerful components sit at the heart of modern life - used in everything from electric vehicles and wind turbines to smartphones, medical scanners, and defence equipment.
Developing a full rare earths ecosystem is expensive, complex and time-consuming. By focusing on magnets instead, one of the most widely used rare-earth products, India aims to achieve self-reliance more quickly.
But its success will depend on how fast the country can master technology, secure materials and scale up, experts say.
Under the scheme, selected manufacturers will receive capital and sales-linked incentives to produce 6,000 tonnes of permanent magnets a year within seven years. The aim is to meet rising domestic demand, which officials expect to double in five years.
