India Plans to Kickstart Rare-Earth Output to Cut China Reliance

A proposed plan by India to spur local production of rare-earth magnets has drawn initial interest from a clutch of large conglomerates, people familiar with the matter said, as the country seeks to cut its reliance on China for these vital electric-vehicle and wind-turbine materials.

The Indian government is planning an incentive program worth as much as 25 billion rupees ($290 million) for private sector firms manufacturing these magnets, said the people, who asked not to be named as the details are not public.