India Eyes Self-Reliance With INR 7,280 Cr Rare Earth Magnet Manufacturing

The Union Cabinet has approved the ‘Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets’ with an allocation of INR 7,280 Cr

The scheme aims to develop domestic REPMs manufacturing capability with a capacity of 6,000 metric tonnes per annum (MTPA)

The scheme will be valid for a period of seven years, including a two-year gestation period and the remaining for incentive disbursement

With an eye on reducing dependence on imports, the Union Cabinet has…