7,280-cr Rare Earth Magnets Manufacturing Scheme gets government nod.

Quote from Mr. Rajesh Gupta - Founder & Director, Recyclekaro

"The Government’s approval of the Rs 7,280 crore scheme for domestic manufacturing of sintered rare earth permanent magnets is a transformative milestone for India. Rare earth elements such as Neodymium, Praseodymium, Dysprosium and Terbium are the foundation of high-performance magnets that power electric vehicles, wind turbines, robotics, consumer electronics and several strategic technologies. Strengthening domestic capacity in this space is not just an economic priority. It is a strategic imperative for the coming decades.

India’s demand for rare earth permanent magnets is expected to double by 2030 and global supply chains are entering a period of realignment. This policy intervention comes at the right inflection point and creates the momentum needed to reduce import dependency, deepen critical mineral capability and accelerate clean tech manufacturing.

Rare earth extraction and magnet production are highly complex, capital intensive and technologically demanding processes that only a handful of nations have mastered. India now has a unique opportunity to develop an integrated, resilient and competitive ecosystem supported by both primary and urban mined sources. This scheme sends a strong signal that India is preparing to lead in the materials that will shape the future of energy, mobility and advanced manufacturing. A timely and much needed step forward".