Rare earth magnet sops to lift India’s EV, chip plans: Industry
India’s ₹7,280-crore Rare Earth Permanent Magnet (REPM) scheme is set to boost domestic magnet manufacturing and reduce reliance on imports. The government will provide ₹6,450 crore in sales-linked incentives and ₹750 crore in capital support to build 6,000 MTPA capacity. The initiative is expected to strengthen India’s EV, semiconductor, electronics, and defence ecosystems.