India to Boost Domestic Rare Earth Magnet Manufacturing with ₹7,280 Crore Initiative
The Indian government has sanctioned a ₹7,280 crore plan to develop an integrated Rare Earth Permanent Magnet (REPM) manufacturing ecosystem. This scheme aims to establish a domestic capacity of 6,000 metric tonnes per annum, covering the complete value chain from rare-earth oxides to finished magnets. This initiative is positioned to enhance India's self-reliance across strategic sectors like electric mobility, renewable energy, electronics, aerospace, and defense, while reducing reliance on imports and bolstering participation in global advanced materials markets.
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