Bussiness Today: India is making a major move to lower its dependence on China by proposing a $788 million (₹7,000 crore) incentive plan for rare earth magnet manufacturing, a sector currently dominated by China, which processes around 90% of the world’s rare earth materials. These minerals are critical for industries like electric vehicles, renewable energy, defense systems, and advanced electronics. The decision comes after China tightened export controls in April 2025, raising global concerns. Under the new plan, India will support around five domestic companies through production-linked and capital subsidies, while also exploring alternative technologies like magnet-free motors to reduce reliance on rare earth minerals. 

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