Boost for EVs and Defence: Government launches ₹7,300 cr scheme to secure critical magnet supply chain
The Indian government has approved a ₹7,300 crore scheme to boost domestic production of rare earth permanent magnets (REPMs), crucial for EVs, defence, aerospace, and electronics. Aiming to reduce dependence on China, the initiative targets 6,000 TPA capacity through sales-linked incentives and capital subsidies, attracting over ₹20,000 crore in investments while strengthening India’s position in the global REPM market.