Cabinet okays ₹7,280 cr rare-earth magnet scheme

The scheme will run for seven years from the date of the award, including a-two year gestation period for building manufacturing units and five years for incentive disbursement.

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India is dependent on import for REPMs, which are among the strongest types of permanent magnets and are used across high-technology applications. The country imports almost all of the 900 tonnes of the magnets used annually despite holding the fifth-largest rare earth reserves in the world.