rare earth magnets

SCHEME TO PROMOTE MANUFACTURING OF SINTERED RARE EARTH PERMANENT MAGNETS(REPM)

The 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.