New Delhi, Nov. 26 -- With an aim to enhance self-reliance and position 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.

Information and Broadcasting Minister Ashwini Vaishnaw said at a media briefing that they are targeting all the areas including capacity, plants, tonnage, and import-substitution targets to become Atmanirbhar bharat. "We can become Atmanirbhar in the next 3 to ...