Kathmandu, Nov. 27 -- India has approved a more than $800 million plan to boost production of rare earth magnets in an effort to secure supplies and cut its dependence on imports from countries like China.

Rare earth permanent magnets (REPMs), some of the strongest types of permanent magnets, made from alloys of rare earth elements, are used in many critical sectors, including electric vehicles, aerospace and renewable energy.

New Delhi currently meets its demand primarily through imports, with the government estimating that the country's needs could double by 2030.

Published by HT Digital Content Services with permission from Republica....