The Ministry of Hard Industries has been floating for a rare magnet processing scheme for inter-ministry consultations aimed at boosting domestic production and reducing dependence on imports from critical components of magnet used in electric vehicles, electronics and renewable energy technologies.
“We have used the rare magnet processing scheme for inter-ministry consultations,” said Camran Rezvi, secretary, ministry of difficult industries.
Union Minister for Hard Industries HD Kumaraswamy confirmed that the proposed scheme has a financial distribution of £ 1,345. The scheme is part of the wider government’s effort to strengthen India’s production capabilities in strategic materials and components.
The rare magnets of the country, especially neodymium -based magnets, are crucial for high -performance engines used in electrical mobility, wind turbines and defense applications. India is currently importing much of its rare magnets on Earth, despite having significant rare reserves on the ground.
The proposed scheme is expected to include incentives for producers, promote research and development and technology partnerships, and encourage private sector investment to build a home -made magnet supply chain.
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