₹7,280 cr push for magnet mission

The 7-year scheme includes a 2-year gestation period for establishing manufacturing units

- FPJ News Service

The government on Wednesday approved a ₹7,280-crore scheme to boost domestic manufacturing of rare earth permanent magnets, a strategic move aimed at reducing India's heavy dependence on China for these critical components. Rare earth magnets are indispensable for electric vehicles, wind turbines, consumer electronics, aerospace systems, and numerous defence applications, making them one of the most sought-after industrial inputs worldwide.

Cleared by the Union Cabinet chaired by Prime Minister Narendra Modi, the “Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets (REPMs)” seeks to create an annual production capacity of 6,000 metric tonnes in India.

Information and Broadcasting Minister Ashwini Vaishnaw, announcing the decision, said the initiative would mark the establishment of India's first fully integrated REPM manufacturing ecosystem from oxide processing to the production of finished magnets.