Govt earmarks ₹1,345-cr to make rare earth magnets: Union Minister
The Centre has proposed a scheme to offer ₹1,345 crore subsidies to manufacturers for boosting domestic production of rare earth magnets, Union Minister of Heavy Industries HD Kumaraswamy said. This initiative follows China's imposition of export restrictions on rare earth elements and magnets. Currently, two manufacturers are proposed for the initiative, but the numbers may increase in future.