India's Strategic Leap into the Rare Earth Magnet Industry

India must act decisively to harness its potential in the rare earth magnet sector, said SIAM President Shailesh Chandra. The government is considering production incentives as part of a strategic push to counter China's supply restrictions, enhance manufacturing capabilities, and boost automotive exports.

SIAM President Shailesh Chandra urged decisive action to capitalize on India's potential in the rare earth magnet sector during the annual Society of Indian Automobile Manufacturers convention.

Chandra underscored the impact of China's supply chain restrictions and highlighted India's governmental efforts, including potential incentives, to enhance rare earth magnet production.

He emphasized the need for strategic advancements in manufacturing and exports, positioning India at a crucial point to significantly increase its global market presence.

(With inputs from agencies.)