New Delhi, Nov. 27 -- The Union Cabinet has approved the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets (REPMs), representing a significant move toward establishing a domestic ecosystem for advanced magnet technologies.

With a financial outlay of Rs 7,280 crore, the scheme aims to establish 6,000 metric tonnes per annum (MTPA) of integrated REPM manufacturing capacity in the country.

REPMs-among the strongest permanent magnets-are critical components in electric vehicles, renewable energy systems, consumer electronics, aerospace, and defence.

India currently meets most of its demand through imports, despite rapidly rising consumption driven by EV adoption and green energy expansion. Demand for REPMs is project...