Amidst China’s increased export restrictions on a number of rare earth elements, such as terbium and dysprosium, India is looking to counter the risks by implementing a rare earth strategy more quickly. To make it happen, Indian government has established a Critical Minerals Panel in the midst of EV and other industries that require access to these magnets, such as electronics, renewable energy and defense. The top priority is to derisk from China.The panel will be tasked to keep an eye on rare earth supply chains, identify substitutes, and promote domestic manufacturing of REPMs (rare earth permanent magnets). This committee consists of Department of Atomic Energy, the Ministry of Commerce, Steel, Coal, Mines, and Heavy Industries and have been given two years to produce results. According to Heavy Industries Minister H.D. Kumaraswamy, "this effort will pave the way for India's self-reliance in strategic materials."Also Read: UP Govt to Invest ₹700 cr in EV Manufacturing Hub in KanpurThe auto-industry alone uses almost 870 tonnes of rare earth magnets annually out of 3,600 tonnes imported. In an effort to make India Atmanirbhar in minerals, the government is creating a new task force which will focus on developing domestic capabilities from mining to refining to end-use.According to officials, if alternate supplies are not found, India’s rare earth magnet supplies may run out by the end of the month. Major OEMs like Brakes India, Continental, Minda Instruments, Sona Comstar, Uno Minda, and Varroc are supplied by more than 35 Indian companies that import these magnets from China.The recent rare earth shortage has exposed India’s long-standing weakness in industrial policy. Even though India has a large reserve of rare earths, particularly in coastal and monazite-rich areas, a significant portion of this remains untouched due to regulatory restrictions, inadequate infrastructure for refining, and a shortage of capacity for producing high-end magnets. To assist, industry leaders have requested specific incentives, streamlined mining clearances, and increased research investments in order to establish a comprehensive rare earth-to-magnet supply chain from the ground up.India’s challenge now is to compress a decade long industrial buildout into a two-to-three year window. With geopolitical pressure mounting, the clock has started ticking.Also Read: China's Rare-Earth Export Curbs Threaten India's EV Push