India has ?7,280 crore on the table in incentives for companies willing to build it a rare-earth magnet industry from scratch. In late June, for the second time, it pushed back the deadline for them to bid — because the bidders were not ready to say yes.A postponed deadline looks like paperwork. It is, in fact, one of the most revealing things to happen in India’s critical-minerals push all year. The state has done the hard work, and builders are still hesitating. When money on this scale goes unclaimed, the issue is sitting somewhere the money cannot reach.That somewhere is...