New Delhi, Nov. 26 -- In a significant initiative aimed at enhancing self-reliance and positioning India as a key player in the global REPM market, the Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the 'Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets' with a financial outlay of Rs 7,280 crore.

This first-of-its-kind initiative aims to establish 6,000 Metric Tons per Annum (MTPA) of integrated Rare Earth Permanent Magnet (REPM) manufacturing in India.

Briefing reporters on the decisions of the Union Cabinet, Information and Broadcasting Minister Ashwini Vaishnaw said it is "very important, strategic decision".

The total financial outlay of the scheme is Rs 7280 crore, comprising s...