The Ministry of Heavy Industries has floated a proposal for a Uncommon Earth Magnet Processing Scheme for inter-ministerial consultations, geared toward boosting home manufacturing and lowering import dependency on essential magnet elements utilized in electrical automobiles, electronics, and renewable vitality applied sciences.
“We’ve got floated the uncommon earth magnet processing scheme for inter-ministerial consultations,” stated Kamran Rizvi, Secretary, Ministry of Heavy Industries.
Union Minister for Heavy Industries H D Kumaraswamy confirmed that the proposed scheme has a monetary allocation of ₹1,345 crore. The scheme is a part of the federal government’s broader effort to strengthen India’s manufacturing capabilities in strategic supplies and elements.
Uncommon earth magnets, significantly neodymium-based magnets, are essential for high-performance motors utilized in electrical mobility, wind generators, and protection purposes. India presently imports most of its uncommon earth magnets, regardless of having vital uncommon earth reserves.
The proposed scheme is predicted to incorporate incentives for producers, promote R&D and expertise partnerships, and encourage personal sector funding to construct a home provide chain for magnet manufacturing.
