Union Minister Ashwini Vaishnav said on Wednesday that India will face a rare situation in three-four years. soil magnets Will become self-reliant in the field of. He announced this through the Union Cabinet. sintered rare Meaning permanent magnets (repm) after a Rs 7,280-crore scheme was approved to boost manufacturing. We will be self-reliant within three-four years will goConsidering that our production capacity will increase. Answering this question asked by the media, the Minister said that India rare Meaning magnets When will we be self-reliant in the field of repm permanent magnets most of strong are one of the types and electric vehicles, renewable energy, Electronicsare important for aerospace and defense applications. This scheme integrated repm will assist in the construction of manufacturing facilities, including rare Meaning oxide into metals, metals into alloys and alloys into repm Involves converting.
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electric vehicles, renewable energy, industrial applications and consumer Electronics rapidly increasing demand for in view ofin India repm Consumption to double from 2025 to 2030 of hopefully. At present, India’s repm The demand is met mainly through imports. With this initiative, India will achieve its first integrated repm will set up manufacturing facilities, which will employment There will be creation, self-reliance strong And by 2070 net zero The country’s commitment to achieving emissions reductions will be strengthened. The total financial outlay of this scheme is Rs 7280 crore for five (5) years. repm Sales-related incentives of Rs 6,450 crore on sales of Rs 6,000 crore and a total of Rs 6,000 crore metric tons per year repm Rs 750 crore for setting up manufacturing plants Capital subsidy Is included.
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The scheme aims to allocate total capacity to five beneficiaries through a global competitive bidding process. Rs 1,200 to each beneficiary metric Capacity up to tonnes per annum will be allocated.