The government is planning to roll out a 1,345 crore rupees subsidy scheme to promote the production of rare earth magnets in the country. Inter-ministerial consultations are underway in this regard. This was informed by Secretary in Ministry of Heavy Industry, Kamran Rizvi during a function in New Delhi. He added that the scheme will provide end-to-end support for the conversion of rare earth oxides into magnets. The subsidy will facilitate investment for establishing processing facilities for companies to convert rare earth oxides into magnets. The proposed scheme comes in the wake of China restricting exports of rare earth magnets, that has hit global supplies, impacting EV makers.