India Confronts China Rare-Earth Dependence as Washington Summit Tests Beijing's Leverage

Highlights

• India imports 100% of its sintered NdFeB magnet demand despite holding substantial domestic rare-earth resources.
• India's magnet incentive program is ₹7,280 crore (~$758.8 million), not the $73 billion figure cited in some media reports.
• Even if all planned capacity is built, India's program targets only 73% of projected 2030 magnet demand.
• China's leverage is concentrated downstream in separation, metallization, alloys, and magnets—not just mining.
• The Modi-Xi diplomatic thaw improves relations faster than it closes India's industrial conversion gap.