US EditionIndia Approves US$800 Million Plan to Boost Rare Earth Magnet Production
The scheme includes Rs 6,450 crore in sales-linked incentives and a Rs 750 crore capital subsidy to develop 6,000 MTPA domestic rare earth magnet capacity.
- On Wednesday, the Union Cabinet approved a Rs.7,280-crore scheme to promote domestic Rare Earth Permanent Magnet manufacturing at a meeting chaired by Prime Minister Narendra Modi.
- Facing import dependence, India’s Rare Earth Permanent Magnet consumption is expected to double by 2030 from 2025 and is vital for electric vehicles, renewable energy, electronics, aerospace, medical devices, and defence.
- Under the scheme, the government allocates capacity to five beneficiaries via global competitive bidding, with Rs.6,450 crore in incentives and Rs.7,280 crore in total outlay.
- The government says the scheme will establish India's first integrated REPM manufacturing facilities converting rare earth oxides to finished magnets, generating employment, strengthening self-reliance and advancing Net Zero by 2070.
- Described as a first-of-its-kind move, the scheme targets sintered Rare Earth Permanent Magnets with a sales-linked incentive model to develop a domestic REPM ecosystem.
38 Articles
38 Articles
India approves US$800 million plan to boost rare earth magnet production
MUMBAI: India has approved a more than US$800 million plan to boost production of rare earth magnets in an effort to secure supplies and cut its dependence on imports from countries like China.Rare earth permanent magnets (REPMs), some of the strongest types of permanent magnets, made from alloys of rare eart
How India's Rs 7,280-crore rare earths plan will help it escape China chokehold
India rare earth minerals: The Cabinet has cleared a Rs 7,280-crore rare earth permanent magnet scheme to cut import dependence. The 7-year plan, is crucial for the EV, wind energy, electronics and defence sectors.
Rs 7,280 crore boost for rare-earths: How India plans to take the fight to China
The Union Cabinet chaired by Prime Minister Prime Minister Narendra Modi today approved the 'Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets' with an outlay of Rs 7280 crore.
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