India OKs $815M Plan to Build 6,000‑Tonne Domestic Rare‑Earth Magnet Capacity

India has approved a ₹7,280 crore (about $815–816 million) incentive programme to establish a domestic rare‑earth permanent magnet (REPM) supply chain. The scheme aims to fund five integrated manufacturing units — up to 1,200 tonnes per annum (tpa) each, totalling 6,000 tpa — to convert rare‑earth oxides into metals, alloys and finished magnets. It includes a two‑year setup window and five years of production incentives. India imported 53,748 tonnes of rare‑earth magnets in FY2024–25, and the plan seeks to cut heavy import dependence, support sectors such as electric vehicles (EVs), wind turbines, aerospace and defence, and attract investment and jobs under Atmanirbhar Bharat. Major industrial groups including Vedanta and JSW have shown interest, but domestic NdPr oxide supplies are limited, so raw materials may still be sourced from abroad or require new mining. The move aligns with global efforts to diversify supply after Chinese export restrictions and follows similar projects overseas. For crypto traders: the policy is primarily industrial and commodity‑focused, but could affect tokenised commodity projects, mining‑linked tokens, and blockchain supply‑chain initiatives that track critical minerals. Expect increased market attention on projects that provide tokenised exposure to rare‑earths or offer blockchain solutions for supply‑chain provenance; however, direct impact on major crypto assets is limited.