India, Nov. 27 -- With an eye on reducing dependence on imports, the Union Cabinet has approved the 'Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets' with an allocation of INR 7,280 Cr (about $815 Mn).

The scheme aims to develop domestic rare earth permanent magnets (REPMs) manufacturing capability with a capacity of 6,000 metric tonnes per annum (MTPA), the Centre said in a statement.

Hailing the approval of the scheme, Prime Minister Narendra Modi, in a post on X, called it a "historic first for India's high-tech manufacturing".

The scheme will be valid for a period of seven years from the date of award, which also includes a two-year gestation period to set up integrated REPM facility and the remaining five ...