New Delhi: In a major push to build domestic capacity in the strategic rare earth sector, India plans to almost triple the size of its incentive programme for rare earth magnet manufacturing to more than Rs 7,000 crore.

The move comes as several nations, including India, step up efforts to establish a reliable supply chain for rare earth magnets — key components used in electric vehicles, wind turbines, smartphones, and defence systems — amid China’s growing export restrictions, according to reports.

China currently processes nearly 90 per cent of the world’s rare earth output. In April this year, Beijing tightened export controls on critical minerals as its trade tensions with the US deepened, disrupting supplies to automakers and clean energy industries across the globe.

India’s expan

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