Rare Earth Permanent Magnets (REPM)
- The Government has approved the ‘Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet’ with a financial outlay of ₹7,280 crore.
- REPM are amongst the strongest types of permanent magnets and are used extensively in technologies requiring compact and high-performance magnetic components.
- By building a domestic integrated ecosystem, the initiative is intended to enhance self-reliance in a critical input for electric vehicles, renewable energy systems, electronics, aerospace and defence, and to position India as a key player in the global REPM market.
- Nodal Ministry – Ministry of Mines
- Implenatation Period– 7years
