Cabinet nod to rare earth PLI soon

₹7,300-CRORE SCHEME TARGETS 6,000-TONNE MANUFACTURING ECOSYSTEM

- NITIN KUMAR

THE UNION CABINET Is likely to approve the rare earth permanent magnets (REPM) manufacturing incentive scheme with a corpus of ₹7,300 crore on Wednesday.

According to sources, the scheme-India's answer to China's stronghold over the global rare earth permanent magnets supply chain-aims to establish a fully indigenous manufacturing ecosystem with an annual production capacity of up to 6,000 tonne. The programme is expected to run for seven years.

The finance ministry's Expenditure Finance Committee (EFC) has already approved the ₹7,300-crore productionlinked incentive (PLI) scheme, paving the way for Cabinet clearance.

Several global and domestic players, including Lynas, Iluka, Rainbow, Bharat Forge, Sona Comstar and JSW, have shown interest in the initiative.

REDUCING CHINA DEPENDENCE