Modi Govt to launch 1,345 crore scheme to boost rare earth magnets production in India

ANI

New Delhi, July 11, 2025 (ANI): The Modi government has proposed a ₹1,345 crore scheme aimed at boosting the production of rare earth magnets in India. The proposal was made by Union Minister for Heavy Industries and Steel, H D Kumaraswamy.

Transcript

00:00Sir, any update on the rare earth magnet screen that we talked about, that you mentioned last time?

00:08Any update on that?

00:10Some progress is going on.

00:13We already allocated 1345 crores.

00:21We are selecting two manufacturers.

00:27So, a scheme has been circulated for 1345 crore subsidy for manufacturers.

00:38It is under inter-ministerial consultation.

00:43Magnet manufacturers or element of processing companies?

00:48We are interested only in magnets.

00:51Anybody who gives us magnets will get incentive.

00:54Sir, only 45 crore subsidy, sir?

00:57This is the first outline we have sent for inter-ministerial consultation.

01:01Okay.

01:02Which are these two manufacturers?

01:06They will be selected later on.

01:08Okay.

01:09It is proposed that there will be two manufacturers.

01:13So, this will facilitate the processing process?

01:17End to end.

01:18That's from rare earth oxide to magnet.

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Transcript

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