A recent Primus Partners report projects that India’s demand for rare earth magnets will surpass 7,000 tonnes by 2030, driven by the rapid growth of electric vehicles and other strategic sectors. Highlighting the country’s heavy dependence on China for both magnets and rare earth oxides, the report warns of a growing strategic vulnerability. In response, the Indian government is preparing a tiered incentive scheme to promote domestic magnet manufacturing, offering higher incentives to companies that source raw materials locally. The initiative, part of a broader push to build resilient critical mineral supply chains, may see its outlay rise to over ₹5,000 crore. This effort aligns with global frameworks like the Quad Critical Minerals Initiative and the Mineral Security Partnership, as India seeks to reduce import reliance and strengthen its position in emerging technologies.