Union Cabinet okays Rs 7,280 crore scheme for manufacturing Rare Earth Permanent Magnets
New Delhi, Nov 26 (SocialNews.XYZ) The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the scheme to promote the manufacturing of Sintered Rare Earth Permanent Magnets in the country with an investment of Rs 7,280 crore. This first-of-its-kind initiative aims to establish 6,000 metric tons per annum of integrated rare earth permanent magnet (REPM) manufacturing capacity in India, thereby enhancing self-reliance and positioning India as a key player in the global market, according to a Cabinet communique.
