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Cabinet Approves ₹7,280 Cr Scheme for Rare Earth Magnets | Government Schemes for UPSC

1. Context

• Union Cabinet approved a ₹7,280 crore scheme to boost domestic manufacturing of Rare Earth Permanent Magnets (REPMs).
• Aimed at reducing dependence on imports, strengthening supply chains, and positioning India in the global REPM market.
• Comes after India–Canada discussions on cooperation in critical minerals.

2. Objectives

• Establish 6,000 MTPA of integrated REPM manufacturing capacity in India.
• Enhance self-reliance in critical components used in clean energy and high-tech sectors.
• Support EV supply chains, renewable energy systems, aerospace, defence, and electronics.
• Build a stable, resilient value chain for magnet-based components.

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Cabinet Approves ₹7,280 Cr Scheme for Rare Earth Magnets | Government Schemes for UPSC

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