ABP EXCLUSIVE | India’s Bold Bid To Break China’s Grip: Rs 7,280 Cr Magnet Mission Takes Off

With current reserves of rare earth at 6.9 million metric tonnes, India has launched an ambitious Rs 7280 cr programme to become self-reliant in rare earth permanent magnets in 4=-5 years and reduce its import dependence decisively and totally.

India is investing ₹7280 crore to boost domestic manufacturing of rare earth permanent magnets (REPMs), aiming for self-reliance in critical sectors like automotive and green energy.

Source : PTI

Amidst an escalating global scramble for rare earth minerals and China’s unwavering sway over the resource, India, with the world’s third-largest reserves of rare earth, has embarked on an ambitious scheme to promote the manufacturing of sintered rare earth permanent magnets (REPM) with a whopping financial outlay of Rs 7280 crore. The idea is to use these rare earth reserves in India for the production of rare earth permanent magnets (REPMs), a critical industrial input for the