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Industry Demands Wider Play in Magnet Scheme
Financial Express Chandigarh
|July 25, 2025
AUTO AND AUTO components industry players on Thursday urged the ministry of heavy industries to open the rare earth magnet production incentive scheme to more than just two firms, arguing that limiting participation could hurt growth and innovation.
Companies that took part in the consultations included JSW Group, Kalyani Group, Mahindra Group, Sona Comstar, Midwest Advanced Materials, Entellus, and Proterial.
The proposed ₹1,350 crore scheme, which is still under inter-ministerial consultation, currently proposes support for only two manufacturers, public or private, for undertaking production of magnets from rare earth oxides. Industry executives said this approach could lead to excessive concentration and prevent the development of a broader domestic ecosystem.
This story is from the July 25, 2025 edition of Financial Express Chandigarh.
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