Scheme for Rare Earth Permanent Magnets (REPM)
- The Union Cabinet approved a ₹7,280 crore scheme to manufacture Rare Earth Permanent Magnets (REPM) in India.
- The scheme, named “Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets”, is the first-of-its-kind initiative in India.
- 5 factories will be set up to produce 1,200 metric tons of magnets per year.
- The objective is to establish 6,000 metric tonnes per annum (MTPA) of integrated REPM manufacturing, enhancing self-reliance and positioning India as a key player globally.
- Applications of REPMs include electric vehicles, renewable energy, electronics, aerospace, and defence.
- The scheme supports end-to-end REPM manufacturing: conversion of rare earth oxides → metals → alloys → finished REPMs.
- Total Scheme Duration: 7 years (2 years for setup, 5 years for incentive disbursement)
