NEW DELHI: The Indian automobile industry has urged the government to step in and help fast-track pending approvals from Chinese authorities for importing rare earth magnets—key components used in electric motors and various car applications.According to PTI, industry sources revealed that, several Indian suppliers have applied for approvals through their local partners in China. But no permissions have been granted so far.China processes over 90% of the world’s rare earth magnets, which are widely used in parts like speedometers, electric motors, e-axles, electric water pumps, automatic transmission kits, speakers, sensors, and engine ignition coils.Since April 4, the Chinese government has…