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Advanced materials company Nexon Geochem on Wednesday said that a rare-earth permanent magnet facility will be set up in Andhra Pradesh with an investment of Rs 1,250 crore. The development comes at a time when India is seeking to build a domestic ecosystem for critical minerals and reduce its dependence on imported rare-earth permanent magnets. The facility to be set up in partnership with the Andhra Pradesh Economic Development Board will produce sintered neodymium-iron-boron (NdFeB) permanent magnets, which are critical components for electric vehicles, wind turbines, industrial automation and defence applications, the company said in a statement. As the driving force and primary investor behind this project, Nexon Geochem is committing a total investment of Rs 1,250 crore across two strategic phases--Rs 750 crore dedicated to the first phase and Rs 500 crore allocated for the second phase. "Nexon Geochem...today announced the signing of a landmark Memorandum of Understanding (M
India is among the top 10 leading emerging-market performers in artificial intelligence (AI) readiness and is well positioned to harness the technology, helped by its large technical workforce, globally integrated IT sector and digital public infrastructure, the World Bank said on Tuesday. In its latest report titled 'India and Artificial Intelligence: Seizing the Development Opportunity', the World Bank said private investment in AI in India more than tripled to USD 4.1 billion in 2025 from USD 1.2 billion in 2024. At the same time, the number of professionals employed by Global Capability Centres (GCCs) rose to 2.36 million in 2025 from 1.9 million a year ago, it said. The report, however, noted that the long-term economic and labour market impact of AI remains uncertain. It called for cross-cutting policy measures to deepen AI-enabling infrastructure, improve the business environment, broaden access to AI and enhance labour capacity so that the benefits of the technology are wid