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News18
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday cleared a Rs 7,280-crore incentive scheme to push domestic manufacturing of rare earth permanent magnets (REPMs). The Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets aims to create a REPM manufacturing capacity of 6,000 metric tonnes per annum (MTPA), to reduce India’s import dependence on critical minerals and strengthen its supply chain.
“The scheme will promote manufacturing of rare earth permanent magnets. The aim is to create capacity of 6,000 MTPA (metric tonne per annum),” Information and Broadcasting Minister Ashwini Vaishnaw told reporters.
Rare earth magnets are used in major industries including electric vehicles, aerospace, electronics, medical devices and defence.
The total duration of the scheme will be 7 years from the date of award, including a 2-year gestation period for setting up an integrated Rare Earth Permanent Magnets (REPM) manufacturing facility, and 5 years for incentive disbursement on the sale of REPM.
(The story will be updated)
November 26, 2025, 16:32 IST
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