Govt approves Rs 7,280 crore scheme for rare earth magnet manufacturing - The Times of India
The Indian government has approved a major ₹7,280 crore scheme aimed at developing domestic manufacturing of rare earth magnets, a crucial component used in electric vehicles, wind turbines, electronics, and various strategic technologies. The initiative is designed to reduce India’s heavy dependence on imported magnets, particularly from China, and strengthen its supply chain in emerging industries. Under the scheme, companies will be encouraged to set up advanced magnet production facilities through financial support, technology partnerships, and long-term procurement opportunities. The move is expected to boost India’s clean energy goals, improve industrial competitiveness, and create new jobs in the high-tech manufacturing sector. With global demand for rare earth materials rising rapidly, the government believes that establishing a strong domestic base will help India secure its position in the global market and enhance economic resilience in key sectors.
The Key points
- Government approves ₹7,280 crore rare earth magnet manufacturing scheme.
- Aims to reduce reliance on imported magnets, mainly from China.
- Supports electric vehicles, wind energy, and electronics industries.
- Encourages companies to establish domestic magnet production units.
- Provides financial incentives and technology support for manufacturers.
- Strengthens India’s clean energy and industrial supply chains.
- Expected to boost high-tech manufacturing and skilled employment.
- Targets strategic sectors needing advanced magnet technologies.
- Enhances India’s long-term economic and industrial resilience.
- Positions India competitively in the growing global magnet market.
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