India backs rare-earth magnet manufacturing, approves new Metro lines

The Union Cabinet on Wednesday cleared two major proposals — a 7,280-crore scheme to build India's first large-scale Rare Earth Permanent Magnet (REPM) manufacturing ecosystem, and Phase-2 expansion of Pune Metro with the approval of Lines 4 and 4A.

- TDG NETWORK

Union Minister for Railways, Information & Broadcasting Electronics & Information Technology Ashwini.

Both decisions were taken at a meeting chaired by Prime Minister Narendra Modi.The Cabinet approved the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets, aimed at establishing 6,000 MTPA of integrated REPM capacity in India. Information and Broadcasting Minister Ashwini Vaishnaw described it as a “very important, strategic decision”. The scheme carries sales-linked incentives of 6,450 crore over five years and a capital subsidy of 750 crore for setting up facilities. It will run for seven years, including a two-year gestation period.