2025-07-10
The Indian government is planning to offer an incentive package of up to 25 billion rupees ($290 million) to private companies that produce rare earth magnets, according to people familiar with the matter. Mining giants Vedanta Group, JSW Group and electric vehicle parts maker Sona BLWPrecision Forgings Ltd. have shown strong interest in the plan.
The policy blueprint is likely to be submitted to the cabinet for approval soon. India plans to support three to four large companies to produce about 4,000 tons of neodymium and praseodymium-based magnets using locally mined raw materials over the next seven years. The project will have a two-year gestation period and incentives will be rolled out over five years after production begins.
