India Approves ₹7,280 Cr REPM Scheme — First-Ever Push For Home-Grown Permanent Magnet Manufacturing

The Union Cabinet, led by Narendra Modi and overseen by Ashwini Vaishnaw, has approved the country’s first-of-its-kind Rare Earth Permanent Magnets (REPM) Scheme — a transformative step towards “Aatmanirbharta” in magnet production. With a ₹7,280 crore incentive over seven years, the plan covers the full value chain: from rare-earth oxides to metals, alloys, and finished REPMs. Five units, each with a production capacity of 1,200 MTPA (totaling 6,000 MTPA), will be set up across Bharat. This initiative will dramatically reduce India’s dependence on imports for critical industries like electronics, electric vehicles, renewables and defence. By localizing manufacturing, the scheme aims to make India a global hub for high-quality permanent magnets — essential components in motors, generators, and advanced technologies. The REPM project also promises job creation, supply-chain resilience, and strategic autonomy.