The central government has earmarked Rs 1,345 crore to incentivise rare earth magnets production in India, aimed at building domestic capacity when there are reports of global short supply. "Some progress is going on (on the rare earth magnet production front). We have already allocated Rs 1,345 crore (for subsidy). We are on course to select the manufacturers," Minister for Heavy Industries HD Kumaraswamy told reporters at a press conference on Friday. 

Heavy Industries Secretary Kamran Rizvi, accompanying the minister, said the scheme has been circulated and it is currently under inter-ministerial consultation. 

"We are interested only in magnets. Anybody who gives us magnets will get incentives," the top official said. 

It is expected that there will be at least 2 manufacturers who will participate in this program. Early this April, China announced a decision to implement export controls on certain rare earth-related items, pushing a supply shortage across the world, including India. Meanwhile, India is in touch with the Chinese side, seeking predictability in the supply of rare earth metals -- which had been put under the export controls regime by the Xi administration.

Govt launches `9.6L e-truck incentive scheme 

Union Minister H D Kumaraswamy on Friday launched the first scheme to provide customer facing incentives on purchase of electric trucks of up to Rs 9.6 lakh per vehicle as part of the government's PM E-DRIVE initiative, which has earmarked Rs 500 crore for electric trucks out of its Rs 10,900 crore outlay.     "Diesel trucks, though constituting only 3% of the total vehicle population, contribute to 42% of transport-related greenhouse gas emissions and significantly worsen air pollution. This pioneering scheme, guided by the visionary leadership of PM Modi, represents India's first dedicated support for electric trucks. It will drive our nation toward sustainable freight mobility, a cleaner future, and the realization of Viksit Bharat by 2047,” Kumaraswamy said.