Daily Current Affairs / India Approves ₹7,000 Crore Scheme to Boost Rare Earth Magnet Manufacturing
Category : Business and economics Published on: December 30 2025
India has approved a ₹7,000 crore scheme to promote domestic manufacturing of sintered rare earth permanent magnets, aiming to reduce import dependence and strengthen supply chain security. The initiative will establish an end-to-end ecosystem with 6,000 tonnes annual capacity, from rare earth oxides to finished magnets. Vital for EVs, wind energy, electronics and defence, the move supports Atmanirbhar Bharat, energy transition goals, and long-term industrial self-reliance under Viksit Bharat 2047.
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