Rare Earth Magnet Scheme To Offer INR 7,300 Cr Incentives

The expenditure finance committee of the finance ministry has reportedly approved the incentive scheme to catalyse domestic manufacturing of rare earth magnets

The scheme will earmark INR 6,500 Cr for capital expenditure and INR 800 Cr for operational expenditure

Notably, the heavy industries ministry proposed INR 1,345 Cr scheme to incentivise local magnet production in July

The expenditure finance committee of the finance ministry has reportedly approved INR 7,300 Cr…