Govt notifies ₹7,280 cr scheme to make rare earth magnets in India

The Centre has notified the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet (REPM) with an outlay of Rs 7,280 crore.

- OUR CORRESPONDENT

‘The initiative is targeting to reduce dependence on China for critical inputs and secure supply chains for EVs, electronics, aerospace and green energy.

‘The scheme, approved earlier by the Union Cabinet, aims to build a complete domestic value chain of converting rare earth oxide into sintered NdFeB, essential for India’s strategic and industrial advancement.

Neodymium-Iron-Boron (NdFeB) is the alloy used to create the strongest type of permanent magnets.