India, July 11 -- Update | July 11, 03:47 PM

The central government is reportedly working on an INR 1,345 Cr scheme to incentivise local magnet production.

Union minister for heavy industries H D Kumaraswamy told the PTI today. Currently under the inter-ministerial consultation, the proposed scheme aims to support two selected manufacturers with "end-to-end" backing to convert rare earth oxides into magnets.

"We are interested in magnets. Anybody who gives us magnets will get incentive. This is the first outline we have sent for inter-ministerial consultation. It is proposed that there will be two manufacturers," Kamran Rizvi, secretary, Ministry of Heavy Industries, was quoted as saying in the report.

Original | July 10, 01:45 AM

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