New Delhi, Nov. 26 -- In a significant push for strategic self-reliance in high-technology manufacturing, the union Cabinet on Wednesday approved the 'Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets' with a substantial financial outlay of Rs 7,280 crore.
The initiative aims to establish India's first integrated manufacturing capabilities for these critical components, significantly reducing dependence on imports. Minister of Information and Broadcasting, Ashwini Vaishnaw, announced the decision at a press briefing, highlighting the scheme's long-term strategic value.
"This first-of-its-kind initiative aims to establish 6,000 Metric Tons per Annum (MTPA) of integrated Rare Earth Permanent Magnet (REPM) manufacturin...