China & India — Ministry of Heavy Industries

China: China's dominance in rare earth magnets and its export restrictions in 2025 prompted India's push for self-reliance, potentially reducing China's market influence.

India — Ministry of Heavy Industries: The ministry is implementing the scheme, receiving and opening bids, and will select beneficiaries. This enhances its role in promoting domestic manufacturing.

China: China is the main source of imports that India seeks to replace; the scheme may reduce Chinese equipment exports to India, though China has already seen declining tunnelling machinery exports.

India — Ministry of Heavy Industries: The ministry is involved in designing and implementing the scheme, playing a key role in its approval and execution.

China: China's lithium supply constraints contributed to higher commodity costs for Ola Electric, impacting margins. This highlights supply chain dependencies in the EV battery industry.

India — Ministry of Heavy Industries: The India — Ministry of Heavy Industries is the government body overseeing the production-linked incentive scheme. Ola Cell Technologies sought an extension and waiver for a delayed investment milestone, and the reversal of the provision is pending approval.