New Delhi, Nov. 26 -- The Union Cabinet, chaired by Prime Minister Narendra Modi, on 26 November approved a Rs.7,280 crore scheme aimed at promoting the manufacture of sintered Rare Earth Permanent Magnets (REPM), the government informed in an official release today.

This is a "first-of-its-kind" initiative by the central government to promote REPM ecosystem, "enhancing self-reliance and positioning India as a key player in the global REPM market", it added.

"The scheme will promote manufacturing of rare earth permanent magnets. The aim is to create capacity of 6,000 MTPA (metric tonne per annum)," Information and Broadcasting Minister Ashwini Vaishnaw told reporters, as per PTI.

Notably, rare earth magnets are used in major industries...