India’s FIRST ₹7,280-Crore Magnet Mission To Challenge China’s Rare Earth Dominance

India has announced a massive ₹7,280-crore Rare Earth Permanent Magnet (REPM) scheme to cut dependence on China, which controls nearly 90% of the global magnet supply. The initiative aims to build India’s first integrated magnet manufacturing ecosystem, strengthen EV and clean-energy supply chains, and boost national security. With demand rising sharply, this move positions India to challenge China’s dominance in one of the world’s most strategic technologies.