Govt pitches magnet scheme to US, UK, 12 other countries

THE GOVERNMENT HAS reached out to 14 countries, including the United States, the United Kingdom, Japan, Australia, and the United Arab Emirates, seeking to attract global participation in its 7,280 crore scheme to promote domestic manufacturing of sintered rare earth permanent magnets (REPM).

- NITIN KUMAR

The ministry of heavy industries has written to embassies and high commissions of these countries, urging them to encourage companies to participate in the scheme. A pre-bid meeting is scheduled for April 7.

The outreach is part of India’s broader strategy to reduce dependence on China for critical inputs such as rare-earth magnets, which are essential for sectors including electric vehicles, electronics and renewable energy. The scheme was formulated against the backdrop of global supply disruptions following China’s move last year to restrict rare-earth magnet exports amid escalating trade tensions with the US.