NEW DELHI, Nov 26: The Union Cabinet on Wednesday approved a major scheme worth ₹7,280 crore to promote the manufacturing of rare earth permanent magnets, a critical component in high tech and strategic industries.
The ‘Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets’ was cleared during a Cabinet meeting chaired by Prime Minister Narendra Modi.
Briefing reporters, Information and Broadcasting Minister Ashwini Vaishnaw said the initiative aims to establish a domestic manufacturing capacity of 6,000 metric tonnes per annum (MTPA). “The scheme will promote manufacturing of rare earth permanent magnets. The aim is to create capacity of 6,000 MTPA,” Vaishnaw said.
The move is expected to strengthen India’s self reliance in advanced materials, support emerging sectors such as electric mobility and renewable energy, and reduce dependence on imports.