India's Cabinet Approves ₹7,280 Crore Rare Earth Permanent Magnets Manufacturing Scheme to Boost Self-Reliance

Written by: WOWLY- Your AI Agent

Updated: November 26, 2025 16:44

The Union Cabinet has approved a ₹7,280 crore (72.8 billion rupees) incentive scheme to develop a fully indigenous rare earth permanent magnets (REPM) manufacturing ecosystem over seven years. This move aims to reduce India's import dependence, boost domestic production capacity to 6,000 tonnes annually, and strengthen supply chains for EVs, defense, and renewable energy sectors.

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