India clears ₹7,280-crore scheme to boost domestic rare earth magnet manufacturing

Union Cabinet approves ₹7,280-crore scheme to promote domestic manufacturing of Rare Earth Permanent Magnets (REPM). The scheme aims to create 6,000 MTPA capacity, supporting electric vehicles, renewable energy, electronics, aerospace, and defence. India to establish its first integrated REPM manufacturing facilities, enhancing self-reliance and generating employment.