India announces a strategic push to build domestic capacity in rare-earth permanent magnets, a critical component for EVs, defence, and renewables, with a ₹7,280 crore scheme and dedicated processing parks in four states. This move directly targets reducing import dependency on China and securing supply chains for green technology, a high-priority area for UPSC Economy and Environment sections.
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- ›Scheme Financial Outlay: ₹7,280 crore
- ›Production Capacity: 6,000 metric tons per annum
- ›Target this Data: ₹7,280 crore and 6,000 metric tons per annum for the rare-earth magnet scheme.
- ›Target this Nodal Body: Ministry of Mines and the Federation of Indian Chambers of Commerce & Industry (FICCI) summit context.
- ›Target this Legal Point: The scheme was approved by the Union Cabinet in November 2025.
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