India has taken a major strategic step to reduce dependence on imported rare earth magnets—critical inputs for EVs, renewable energy, aerospace, defence, and high-tech electronics.

The Union Cabinet has approved a landmark ₹𝟕,𝟐𝟖𝟎 𝐜𝐫𝐨𝐫𝐞 scheme to build a fully integrated domestic ecosystem for sintered rare earth permanent magnets (REPM) with a target capacity of 𝟔,𝟎𝟎𝟎 𝐌𝐓𝐏𝐀 in the 𝐧𝐞𝐱𝐭 𝟐–𝟑 𝐲𝐞𝐚𝐫𝐬.

Key highlights:

👉 Capital expenditure support + production-linked incentives
👉 Reduced reliance on China for critical materials
👉 Boost to India’s EV & green energy ambitions
👉 Strengthened supply chains for high-tech manufacturing
👉 Support for companies like Sona Comstar, Hitachi Astemo, Continental India & more

This move positions India for greater self-reliance in critical minerals and advanced technologies—paving the way for a stronger, greener, and more secure future.