Cabinet may clear rare earth magnet PLI scheme in Dec

A central scheme to forge an Indian rare earth magnet industry may take off as early as next month, marking a crucial step in New Delhi's strategy to reduce dependency on China for critical components.

- Manas Pimpalkhare & Rituraj Baruah

Scheme was conceived in the wake of a supply crisis.

(REUTERS)

The finance ministry’s expenditure finance committee (EFC) has approved the ₹7,300 crore production-linked incentives (PLI) scheme, setting the stage for cabinet clearance, two people aware of the matter said. Mint earlier reported that several global and domestic entities including Lynas, Iluka, Rainbow, JSW and Bharat Forge had shown interest in the scheme.