Author's Summary
India's Rs 7,280 crore REPM scheme seeks to foster homegrown production of rare earth magnets, slashing reliance on imports to bolster EV and chip sectors amid global supply strains.
Scheme Overview
The Rs 7,280 crore REPM initiative targets building domestic manufacturing for sintered rare earth permanent magnets. It focuses on cutting import dependency while advancing India's EV and semiconductor ambitions.
This program marks India's debut fully integrated REPM ecosystem, spanning rare earth oxide conversion to metals, alloys, and final magnets.
Key Details
- Aims for 6,000 metric tons annual capacity via five beneficiaries selected through global bidding, each up to 1,200 MTPA.
- Offers Rs 6,450 crore in sales-linked incentives over five years plus Rs 750 crore capital subsidy for facilities.
- Runs seven years: two for setup, five for incentives based on REPM sales.
These magnets power EV motors, renewables, defense gear, and more, aiding self-reliance and clean energy goals.
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