Rare earth magnets scheme to place India among 'allied group of nations

Union Minister for Heavy Industries & Steel, H D Kumaraswamy on Friday, through a video release, hails Union Cabinet's approval for the scheme to promote manufacturing of sintered Rare Earth Permanent Magnets (REPM) with a financial outlay of Rs 7,280 crore emphasizing that the move will place India among the "allied group of nations".

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"For the first time, India will pursue an end-to-end value chain for producing high-performance rare earth magnets, a field currently dominated by a handful of global players," the minister said. He said this move will place India among the allied group of nations with the capability to produce these critical components domestically, reducing dependence on imports and enhancing strategic autonomy. Kumaraswamy noted that this first-of-its-kind program will strengthen India's strategic and industrial supply chains as well as create high-value jobs in deep technology sectors.