Brief by Shorts91 Newsdesk / 12:05pm on 26 Nov 2025,Wednesday India
In a strategic move, the Union Cabinet has approved a ₹7,280 crore scheme to develop India’s manufacturing capacity for sintered Rare Earth Permanent Magnets (REPM). The plan targets the establishment of 6,000 metric tonnes per annum of integrated REPM production through a global competitive bidding process, with five selected beneficiaries. Of the budget, ₹6,450 crore is allocated as sales-linked incentives over five years, and ₹750 crore as capital subsidies. These powerful magnets are key in electric vehicles, wind turbines, defence systems, electronics, and aerospace. The scheme aligns with India’s push for self-reliance, reduced import dependence, and its Net Zero 2070 commitment. (PC: AP)
