New Delhi, Nov. 27 -- The Union cabinet on Wednesday approved a Rs.7,280 crore-incentive scheme for creating five manufacturing facilities for rare earth permanent magnets in the country, with a combined annual capacity of 6,000 metric tonnes to meet the entire annual requirement of the automobile, electronics, aerospace, renewables and defence sectors in three to four years. China currently has a stranglehold over global rare earth supplies, and has leveraged this to good effect. Explaining the rationale of investing in domestic manufacturing capabilities for rare earth permanent magnets (REPM), Union information and broadcasting minister Ashwini Vaishnaw said: "This sector is of strategic importance. We have to be present in this. Without...