Sona Comstar is exploring domestic production of rare earth magnets

is reportedly planning to produce rare earth magnets locally. Notably, Sona Comstar is the largest importer of rare-earth magnets in India, importing 120 metric tonnes of magnets from China last year. Amidst the chokehold of China over rare-earth supply chain, India, which has the world’s third-largest car market and its fifth-largest reserves of rare earths, is working on a new program to incentivise magnet production locally. However, it should be noted that any alternate supply chain to produce rare-earth locally can take years to completely integrate. The companies must rely on Chinese import in the short term for its needs. Earlier this month, it was reported that the government is working on PLI-like scheme for domestic production of rare earths.