New Delhi, Nov. 26 -- The Union Cabinet is likely to clear on Wednesday, a Rs 7,000-crore incentive scheme aimed at boosting domestic manufacturing of rare earth magnets, sources told ANI.

The proposal, designed with a validity of seven years, seeks to reduce India's import dependence on critical minerals and strengthen the supply chain for advanced manufacturing sectors.

The scheme is expected to support the creation of production capacity for nearly 6,000 tonnes of rare earth magnets. These magnets are essential components in electric vehicles, electronics, wind turbines, defence platforms, and other high-technology applications.

Sources further indicated that the Finance Ministry has already granted approval for the scheme, paving t...