The Ministry of Heavy Industries has floated a proposal for a Rare Earth Magnet Processing Scheme for inter-ministerial consultations, aimed toward boosting home manufacturing and lowering import dependency on crucial magnet elements utilized in electrical autos, electronics, and renewable vitality applied sciences.
“We’ve floated the uncommon earth magnet processing scheme for inter-ministerial consultations,” stated Kamran Rizvi, Secretary, Ministry of Heavy Industries.
Union Minister for Heavy Industries H D Kumaraswamy confirmed that the proposed scheme has a monetary allocation of ₹1,345 crore. The scheme is a part of the federal government’s broader effort to strengthen India’s manufacturing capabilities in strategic supplies and elements.
Rare earth magnets, significantly neodymium-primarily based magnets, are essential for prime-efficiency motors utilized in electrical mobility, wind generators, and protection purposes. India presently imports most of its uncommon earth magnets, regardless of having important uncommon earth reserves.
The proposed scheme is anticipated to incorporate incentives for producers, promote R&D and know-how partnerships, and encourage non-public sector funding to construct a home provide chain for magnet manufacturing.
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