New Delhi, Nov. 27 -- The Union Cabinet led by Prime Minister Narendra Modi has approved two significant initiatives The first approval relates to a Rs.7,280 crore scheme to promote the domestic manufacturing of sintered Rare Earth Permanent Magnets (REPM), marking the country's first integrated initiative to build a complete REPM ecosystem. The second approval advances Phase-2 expansion of the Pune Metro Rail Project with the sanctioning of Line 4 (Kharadi-Hadapsar-Swargate-Khadakwasla) and Line 4A (Nal Stop-Warje-Manik Baug), covering 31.636 km and 28 elevated stations.

The REPM scheme aims to build 6,000 Metric Tons per Annum of production capacity and position India as a key contributor to the global magnet market. REPMs are critical...