New Delhi, Aug. 13 -- A report by advisory firm Primus Partners has outlined a comprehensive five-pillar blueprint to localise the production of rare earth magnets in India, aiming to secure the country's electric vehicle (EV) future and reduce its near-total dependence on Chinese imports.

Titled "From Extraction to Innovation: A Blueprint for Enhancing Rare Earth Magnet Ecosystem in India's EV Roadmap", the report proposes a strategy spanning from upstream mineral extraction to downstream magnet manufacturing, critical for EVs, wind turbines, and defence technologies.

The five pillars of the proposed strategy are market assurance. It suggested government-backed price guarantees and long-term offtake agreements with sectors like auto, d...