With an aim to enhance self-reliance and position India as a key player in the global REPM market, the Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the 'Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets' with a financial outlay of Rs
India will become self-reliant in rare earth magnets in three-to-four years, Union Minister Ashwini Vaishnaw said on Wednesday, after he announced that the Union Cabinet has approved a Rs 7,280 crore scheme to promote the manufacturing of sintered Rare Earth Permanent Magnets
This first-of-its-kind initiative aims to establish 6,000 Metric Tons per Annum (MTPA) of integrated Rare Earth Permanent Magnet (REPM) manufacturing in India, thereby enhancing self-reliance and positioning India as a key player in the global REPM market, Cabinet said in a statement.
The Union Cabinet is likely to clear a Rs 7,000-crore incentive scheme aimed at boosting domestic manufacturing of rare earth magnets, sources told ANI.
An earthquake of magnitude 3.8 hit Myanmar on Monday evening. The tremors were recorded at 5:39 pm, according to the preliminary data. The quake was centred at a depth of 139 km, at a latitude of 24.96 °N and a longitude of 95.12°E.