India, Nov. 26 -- The Union Cabinet, led by Prime Minister Narendra Modi, has approved a Rs 7,280 crore scheme to promote the manufacturing of sintered Rare Earth Permanent Magnets (REPMs) in India. This landmark initiative aims to create 6,000 MTPA of integrated REPM manufacturing capacity, marking the country's first major push toward self-reliance in this strategically critical sector.
REPMs—among the strongest permanent magnets—are essential for electric vehicles, renewable energy systems, electronics, aerospace, and defence. India currently depends heavily on imports to meet its growing demand, which is expected to double by 2030.
The scheme includes Rs 6,450 crore in sales-linked incentives over five years and Rs 750 cro...