Rare earth magnet sops to lift India’s EV, chip plans: Industry
The Union Cabinet’s approval of a ₹7,280 crore scheme to promote manufacturing of sintered rare earth permanent magnets (REPM) will help address a crucial missing link in India’s electric vehicle (EV) and chip supply chains, electronics and semiconductor industry executives said.
The programme aims to create 6,000 metric tonnes per annum of integrated REPM capacity through five globally bid projects, backed by sales-linked incentives and capital subsidy over a seven-year period.
