The Centre has notified the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet (REPM) with an outlay of Rs 7,280 crore. The initiative is targeting to reduce dependence on China for critical inputs and secure supply chains for EVs, electronics, aerospace and green energy.
The government on Wednesday approved a Rs 7,280 crore scheme to promote manufacturing of rare earth permanent magnets, a move which would help reduce India's dependence on China.
Major foreign mining and refining companies have assured the Indian government that they will have sufficient stocks of rare-earth oxides to supply to the winning bidders under the country's production-linked incentive (PLI) scheme for indigenous manufacturing of rare-earth permanent magnets (REPMs), Business Standard has learnt.
The government plans to establish a fully indigenous manufacturing ecosystem with an annual production capacity of up to 6,000 tonnes. The scheme is expected to run for seven years, according to official documents.
