India plans to triple its rare earth magnet incentive programme to over $786m to boost domestic capacity. The increase is pending cabinet approval and aims to reduce reliance on China, which controls 90% of global rare earth output. India faces challenges like limited funding and technical expertise. The government initiative will support five companies with incentives and subsidies. India is also funding studies on alternative technologies to reduce reliance on rare earth materials. Overseas suppliers are interested in supplying rare earth materials to India, which is expected to require around 2,000 tonnes annually. India hopes the expanded incentive programme will attract global magnet manufacturers to establish local subsidiaries or joint ventures. However, challenges may arise if China eases export curbs for the US and EU, making Chinese magnets more affordable and accessible.

Read more at Yahoo Finance.: India rare earth magnet incentive programme set to triple to $788m