Rare earth magnets are high-performance materials essential for electric vehicles, wind turbines, electronics, and defence systems, making them critical for India’s clean energy transition and technological growth. With China dominating global processing, India’s push for domestic manufacturing, critical mineral processing, and recycling aims to reduce import dependence and build a self-reliant mine-to-magnet ecosystem to strengthen economic and strategic security.
Click to View MoreThe Union Cabinet has approved a ₹7,280 crore scheme to set up India’s first integrated Rare Earth Permanent Magnet manufacturing facilities, targeting 6,000 MTPA capacity. It will reduce import dependence, support EVs and renewable energy, and contribute to Net Zero goals. The government also approved Pune Metro Phase 2 and two major railway infrastructure projects in Gujarat and Maharashtra.
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