Rare Earth permanent magnet: Cabinet approves scheme worth Rs 7,280 crores
The Union Cabinet has approved a scheme worth Rs 7,280 crore for the promotion of the manufacturing of rare earth permanent magnets (REPM). This production-linked incentives (PLI) scheme would allow India to become self-reliant in rare earth magnet manufacturing in the next three to four years, said Minister of Information and Broadcasting Ashwini Vaishnaw.
As per the minister, the annual demand for these magnets is about 4,000-5,000 tonnes in India.
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