New Delhi, November 26, 2025
The Union Cabinet is reportedly set to approve a Rs 7,000 crore scheme aimed at boosting rare earth magnet manufacturing in India. The initiative is expected to strengthen domestic production capabilities, reduce import dependence, and support the growth of high-tech industries such as electric vehicles, renewable energy, and defense sectors.
Sources indicate that the scheme will include incentives for private players, research and development support, and the establishment of state-of-the-art manufacturing facilities. Officials hope that this move will position India as a global hub for critical materials, enhance strategic autonomy, and create employment opportunities in the high-tech manufacturing ecosystem.
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