New Delhi, July 11 -- Pankaj Mohindroo, Chairman of India Cellular and Electronics Association (ICEA), welcomed the central government initiatives to ramp up rare earth magnets production in India, particularly the incentives the latter is earmarking for.

ICEA is the apex industry body representing the entire electronics sector.

"We are extremely excited, although this will make set up capacities in the longer run, but the intention is very good and I think it is very timely because the industry is facing a bit of a crisis and the supply of magnets is quite difficult to procure if we set up independent Capacity here," the ICEA Chairman told ANI.

"It will be a true triumph. We are very excited about this announcement. The magnets is a c...