India, June 30 -- India is embarking on an ambitious journey to become a dominant force in the global rare earth metals (REMs) market, with a significant seven-year initiative (2025-2032) aimed at bolstering its domestic mining, refining and magnet production capabilities. This strategic pivot comes as the world increasingly relies on these 17 chemical elements, which include the 15 lanthanides along with scandium and yttrium, for cutting-edge technologies that drive electric vehicles (EVs), wind turbines, smartphones and defence systems.

A recent report by Coherent Marketing Insights stated that despite possessing the world's fifth-largest rare earth element reserves, estimated at an impressive 6.9 million metric tonnes, India has hist...