Rs 7,280 Crore Rare Earth Magnet Scheme: Industry Hails REPM Initiative; Firms See Reduced Import Dependence
India’s manufacturing and technology sectors have welcomed the government’s announcement of a Rs 7,280 crore Rare Earth Permanent Magnet (REPM) scheme, calling it a landmark initiative that will reduce import dependence and strengthen domestic capabilities in critical materials. Rare earth magnets are essential components in electric vehicles (EVs), wind turbines, electronics, defense systems, and renewable…