India's Push for Sintered Rare Earth Magnets: A Future Beyond 2047

India's government is finalizing a proposal for a scheme to boost the manufacturing of Rare Earth Permanent Magnets. This initiative aims to establish a competitive ecosystem for the magnets, aligning with visions for a developed India by 2047, with a financial outlay of Rs 7,280 crore over seven years.

In a strategic move to bolster its manufacturing sector, the Indian government is set to finalise the Request for Proposal (RFP) for its ambitious Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets. Union Minister H D Kumaraswamy on Monday called on both domestic and international players to partake in the upcoming bidding process.

The consultation meeting chaired by the Minister for Heavy Industries & Steel was attended by various industrial stakeholders, highlighting the scheme's significance in establishing a self-reliant ecosystem in rare earth magnet production. Aligning with India's vision for a Viksit Bharat by 2047, Kumaraswamy emphasized the pivotal role this scheme plays in the nation's growth trajectory.

With a robust financial corpus of Rs 7,280 crore, the scheme promises Rs 6,450 crore in sales-linked incentives and Rs 750 crore in capital subsidies for manufacturing facilities capable of producing 6,000 million tonnes annually. Spanning a period of seven years, this initiative is set to redefine the landscape of India's manufacturing capabilities.

(With inputs from agencies.)