New Delhi, May 30 -- In response to China's tightening grip on rare earth magnet supplies, the Indian Ministry of Heavy Industries (MHI) has scheduled a stakeholder meeting on June 3 to finalise a scheme promoting domestic manufacturing of these critical components.

Rare earth magnets, essential in electric vehicles, wind turbines, and electronics, are predominantly sourced from China, posing supply chain vulnerabilities for India.

The proposed initiative includes financial incentives for companies entering the rare earth magnet sector, public-private partnerships to establish processing and production units, and collaborations with alternative international sources to reduce dependency on Chinese imports.

This move aligns with India's...