Indias rare earth boost: Govt approves Rs 7,300 crore scheme; aim to diversify away from China

India is set to boost its self-reliance in rare earth magnets with a Rs 7,300 crore scheme approved by a key government panel. This initiative will provide capital and operational support for local manufacturing, aiming to meet domestic demand by 2030. The move addresses concerns over China's market control and aims to integrate India into global value chains.