Harsh Goenka Questions Whether India Is Investing Enough in Future Industries
RPG Group Chairman Harsh Goenka has highlighted China’s growing presence in industries such as rare earths, magnets, batteries, electric vehicles, robotics, semiconductors and advanced manufacturing. In a post on X, he pointed to Chinese magnet maker JLMAG as an example of a company expanding from high-performance rare-earth magnets into components for emerging technologies such as humanoid robots.
Goenka said China’s strategy involves building capabilities across the supply chain, from raw materials and technology to manufacturing and broader industrial ecosystems. He contrasted this with sectors he said many Indian businesses are pursuing, including bottled water, ice cream, snacks, packaged foods and instant delivery, while also questioning the long-term value creation of India’s software industry.
JLMAG, founded in 2008, manufactures NdFeB permanent magnets used in electric vehicles, industrial motors, wind-power equipment, air conditioners and robots. The company had production capacity of 40,000 tonnes at the end of 2025 and is expanding its Baotou facility, with a target of reaching total production capacity of 60,000 tonnes by the end of 2027.
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