New Delhi, July 9 -- India has initiated a step towards boosting local production of rare-earth magnets, aiming to significantly reduce its dependence on China for these vital electric-vehicle materials.

The Indian government is planning an incentive program worth as much as 25 billion rupees ($290 million), which is drawing interest from a clutch of large private companies who manufacture these magnets.

The policy blueprint is expected to be submitted for cabinet approval soon, although the final outlay may be subject to change, reported Bloomberg.

Billionaire Anil Agarwal's Vedanta Group, Sajjan Jindal-led JSW Group and EV parts maker Sona BLW Precision Forgings Ltd. are among those who have expressed interest in this initiative.

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