By Admin 
Rare Earth Magnet Production: Taking a step towards self-reliance, the Government of India is about to launch a new scheme of Rs 7,350 crore for Rare Earth Permanent Magnet (REPM) production. The main objective of this scheme is to increase its production in India and reduce dependence on its imports from abroad. This decision is being linked to China’s decision when it had banned REPM exports in April this year. Due to which India’s automobile and electronics sectors were dealt a major blow.
Under this decision, the Government of India has planned to start 5 integrated REPM manufacturing units. Under which a target of 6000 tonnes production has been set annually. To further support this decision, the Government of India has also announced subsidy. Companies will be given 15 percent subsidy.
What is the objective of the Government of India?
The Government of India wants to create an ecosystem of rare earth permanent magnet production in the country, so that dependence on foreign countries can be reduced. If we talk about the present time, India imports 100 percent of its REPM requirements from abroad. There may also be problems due to the ongoing turmoil at the global level. Therefore, India wants to be self-reliant, so that it does not have to depend on anyone else for automobile, electronics, wind energy and defense sectors.
Under this scheme, 5 manufacturing units will be established in India. Out of which each unit will produce between 600 tonnes to 1200 tonnes every year according to its capacity. The Government of India has set a time limit of 7 years to accomplish this target. A ministerial monitoring committee will also be formed by the government. Who will ensure that the pace of the plan is good and it achieves the target on time.
What is Rare Earth Permanent Magnet?
Rare earth permanent magnets are used to make different parts of cars. These are a special kind of elements. Whose performance capability is very high. Therefore they are used to make hybrid vehicles and defense equipment.
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