India Launches ₹7,280 Cr Scheme for Rare Earth Magnets Production

• Ministry of Heavy Industries notifies ₹7,280 crore incentive scheme for domestic rare earth permanent magnet manufacturing.
• Aims to reduce import dependence for critical inputs like EVs, wind turbines, electronics, and defence equipment.
• Sales-linked incentives up to ₹2,150 per kg for sintered NdFeB magnets, plus ₹75-₹150 crore capital subsidy.
• Companies need ₹300-₹600 crore investment and meet net worth criteria; IREL to supply raw materials.
• Scheme open to Indian firms, global companies, or JVs with 51% lead partner ownership.

Why It Matters: India boosts domestic rare earth magnet production with a ₹7,280 crore scheme to cut imports.