India Invests Rs 7,280 Crore to Boost Domestic Rare Earth Magnet Manufacturing for EVs and Defense

Nov 26, 2025 08:32 pm CST

The Indian Union Cabinet has approved a Rs 7,280 crore scheme to establish 6,000 MTPA manufacturing capacity of rare earth permanent magnets essential for electric vehicles, defense systems, and medical devices. The initiative aims to distribute production capabilities among five globally selected manufacturers over a seven-year implementation period.