New Delhi, Sept. 12 -- The Indian government is planning to introduce fiscal incentives to promote the domestic production of rare earth magnets, aiming to reduce its dependence on imports fromChina.

Union Heavy Industries and Steel MinisterH. D. Kumaraswamyannounced that a scheme is being prepared to support manufacturers through both capital investment subsidies and operational cost support.

Rare earth magnets, especiallyNeodymium-iron-boron(NdFeB) types, are critical for electric vehicle (EV) motors, power steering systems, and various other automotive components.

Chinacurrently dominates the global supply of these magnets, and its recent export restrictions have disrupted several industries worldwide. This has promptedIndiato fast-...