What is India's new rare earth magnet incentive program?

India's Union Cabinet approved a ₹7,280 crore ($7.2 billion) incentive program to build domestic rare earth magnet capacity and reduce reliance on China.

How much are India's rare earth deposits?

India possesses an estimated 6.9 million tonnes of rare earth deposits, according to Minister Ashwini Vaishnaw.

Which company's shares surged due to the rare earths announcement?

Gujarat Mineral Development Corporation (GMDC) shares extended their winning run, gaining over 8% after the announcement.

Home / Business and Economy / India Rushes Rare Earths: GMDC Surges on $7.2B Cabinet Boost

India Rushes Rare Earths: GMDC Surges on $7.2B Cabinet Boost

28 Nov

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Summary

India's cabinet approved a $7.2B incentive program for rare earth magnets.
The initiative aims to build domestic capacity and reduce China dependence.
GMDC shares surged over 8% following the government's strategic announcement.

India Rushes Rare Earths: GMDC Surges on $7.2B Cabinet Boost

Gujarat Mineral Development Corporation (GMDC) shares have continued their upward trend, surging 8.4% to ₹569.80. This rally is attributed to the Union Cabinet's recent approval of a ₹7,280 crore incentive program designed to boost India's rare earth magnet production. The initiative underscores the nation's commitment to developing self-sufficiency in critical minerals and reducing dependence on China.

The comprehensive seven-year program targets the creation of integrated manufacturing facilities with an annual capacity of 6,000 metric tons. Minister Ashwini Vaishnaw highlighted India's significant rare earth deposits and the government's plan to establish five initial units within three years. This strategic push aims to secure India's position in the global rare earth magnet supply chain.