New Delhi [India], November 28 : Union Minister for Heavy Industries & Steel, H D Kumaraswamy on Friday, through a video release, hails Union Cabinet's approval for the scheme to promote manufacturing of sintered Rare Earth Permanent Magnets (REPM) with a financial outlay of Rs 7,280 crore emphasizing that the move will place India among the "allied group of nations".
"For the first time, India will pursue an end-to-end value chain for producing high-performance rare earth magnets, a field currently dominated by a handful of global players," the minister said.
He said this move will place India among the allied group of nations with the capability to produce these critical components domestically, reducing dependence on imports and enhancing strategic autonomy.
Kumaraswamy noted that this first-of-its-kind program will strengthen India's strategic and industrial supply chains as well as create high-value jobs in deep technology sectors.
He further highlighted that the move will further support advanced R&D and commercialization as well as position India as a global hub for frontier manufacturing.
Calling it a "historic first for the nation," the minister highlighted that the initiative reflects the visionary leadership of Prime Minister Narendra Modi and aligns closely with national goals of Viksit Bharat 2047 and a fully Atmanirbhar Bharat in advanced manufacturing.
While announcing the Cabinet's decision, Union Minister Ashwini Vaishnaw had said India will become self-reliant in rare earth magnets in three-to-four years
The Union Cabinet on Wednesday approved a Rs 7,280 crore scheme to promote the manufacturing of sintered Rare Earth Permanent Magnets in India.
REPMs are one of the strongest types of permanent magnets and are vital for electric vehicles, renewable energy, electronics, aerospace, and defence applications.
The Scheme will support the creation of integrated REPM manufacturing facilities, involving conversion of rare earth oxides to metals, metals to alloys, and alloys to finished REPMs.
Driven by the rapidly growing demand from electric vehicles, renewable energy, industrial applications, and consumer electronics, India's consumption of REPMs is expected to double by 2030.