The Indian government is expected to finalize a rare-earth magnet manufacturing scheme within the next 10 to 20 days, with a proposed outlay of ₹1,000 crore to boost domestic production. This initiative comes amid interest from five to six companies, including Sona Comstar, India's largest maker of traction motors used in electric vehicles, which is considering entering rare-earth magnet manufacturing. The scheme aims to reduce India's dependence on China, which currently dominates the rare-earth magnet supply chain. China has reportedly taken strategic measures to hinder India's manufacturing ambitions by recalling workers, banning rare-earth magnet exports, and delaying machinery supplies. These actions are perceived as attempts to undermine India's reputation as a reliable global supply chain partner and to stifle its emergence as a global manufacturing hub. The rare-earth magnets are critical components not only for electric vehicles but also for other technologies like speedometers. The Indian government is also contemplating incentives for rare-earth magnet manufacturers to encourage domestic production and enhance supply chain resilience amid these geopolitical challenges.