Kishan Reddy called the decision a testament to the Modi-led government's commitment to global competitiveness, sustainable industrial growth, and the vision of Viksit Bharat by 2047.
Hyderabad:Union minister G. Kishan Reddy hailed the decision of the Union Cabinet, chaired by Prime Minister Narendra Modi, to approve a scheme promoting sintered rare earth permanent magnets (REPM) manufacturing, with an integrated capacity of 6,000 metric tonnes per annum (MTPA) in India.
The Rs 7,280-crore initiative will drive self-reliance in rare earth magnets production, and would position India as a key global player in the REPM market amid rising demand from electric vehicles, renewable energy, electronics, aerospace, and defence sectors, Kishan Reddy said in a statement. He noted that it marked the country's first fully-integrated REPM facilities, covering the full process from rare earth oxides to finished magnets, and supported the net zero target by 2070 while creating jobs and reducing import dependence.
Kishan Reddy called the decision a testament to the Modi-led government's commitment to global competitiveness, sustainable industrial growth, and the vision of Viksit Bharat by 2047. The scheme includes Rs 6,450 crore in sales-linked incentives over five years and Rs 750 crore in capital subsidies, with capacity allocated to five manufacturers via global bidding. Production is expected within two to three years, bolstering supply chains strained by international curbs.
