Harsh Goenka compares the trade focus of China and India, quoting JL MAG: “What are we building that the world will need tomorrow?” | Today’s news
RPG Enterprises Chairman Harsh Goenka compared the business priorities of China and India, highlighted the sectors he believes will shape the global economy over the next two decades and asked what India is building for the future.
In a post on X on Tuesday, Goenka cited Chinese rare-earth magnet maker JL MAG as a “perfect example” of the country’s industrial strategy, highlighting its position in high-performance rare-earth magnets and its move into components for humanoid robots.
“China is building dominance in industries that will define the next 20 years – rare earths, magnets, batteries, electric vehicles, robotics, semiconductors and advanced manufacturing,” Goenka said.
He said JL MAG’s approach reflects a broader strategy of managing several stages of the industrial value chain.
“The strategy is simple: own the raw materials, the technology, the production and ultimately the entire ecosystem,” he said.
Goenka contrasted this with what he described as the focus of much of India’s business, saying companies are still looking for opportunities for consumers such as bottled water, ice creams, snacks, packaged foods and instant delivery.
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“Meanwhile, much of India’s business is still chasing softer opportunities – bottled water, ice creams, snacks, packaged foods and instant delivery,” he said.
He also commented on the Indian software industry, saying that its success has largely been driven by cost advantages rather than owning the underlying technology or infrastructure.
“Even our big success in software is largely built on labor cost arbitrage,” Goenka noted.
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Concluding his presentation, Goenka urged Indian businesses to consider which industries and technologies could become globally important in the coming years.
“China is building the infrastructure of tomorrow. We in India should be asking – what are we building, what will the world need tomorrow?” he said.
Rare earth magnets are vital to industrial robots and humanoid machines, where they are used in motors to provide the power, stability and precision needed for joint movements. Their strategic importance grew amid geopolitical tensions last year after Beijing imposed export controls during its trade dispute with the US, disrupting global supplies and raising fears of wider industrial disruptions.
JLMAG is expanding the production of rare earth magnets, aiming for a capacity of 60,000 tons
Founded in 2008, JLMAG manufactures neodymium-iron-boron (NdFeB) permanent magnets that are used across industries including electric vehicles, automotive components, wind energy equipment, air conditioning, industrial motors and robotics. The company is listed on the stock exchanges in Shenzhen and Hong Kong.
It currently operates manufacturing plants in Ganzhou, Baotou and Ningbo.
By the end of 2025, JLMAG had an annual production capacity of 40,000 tonnes and produced approximately 38,000 tonnes during the year, with its facilities running at more than 90% capacity.
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The company is expanding its Baotou plant, adding an additional 20,000 tons of annual capacity. The expansion is expected to increase JLMAG’s total production capacity to 60,000 tons by the end of 2027.
In addition to its existing applications, JLMAG develops magnets and related products for emerging technologies, including motor rotors designed for humanoid robots. Its operations include manufacturing of magnets, magnetic components, recycling of used magnets and other rare earth activities.
