MHI moves closer to rare earth magnet scheme, calls June 3 stakeholder meet

The industry group also suggested a delegation of auto-company representatives go to China to take up the matter with the authorities there

With China squeezing the supplies of rare earth magnets, used by auto companies, the Ministry of Heavy Industries has called a meeting of stakeholders on June 3 to finalise a concept note for a scheme to promote their manufacture in India.

 

The note will entail offering targeted financial incentives  to companies that get into the business, a public-private partnership model to set up rare earth metal processing as well as magnet-production units, and identifying and collaborating with alternative sources in other countries to reduce India’s dependence on only China.  

 

The move comes on the heels of a meeting this Wednesday