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Economy / The Economic Times

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Cabinet clears Rs 7,280 cr rare earth magnet manufacturing scheme

The Union Cabinet has approved a 7,280-crore incentive scheme to boost domestic manufacturing of rare earth magnets and cut Indias reliance on imports, especially from China. Valid for seven years, the scheme aims to create capacity for nearly 6,000 tonnes of magnets used in EVs, electronics, wind turbines and defence.

26 Nov 2025 4:07 pm