India Rare Earth Magnet Manufacturing PLI Scheme
Sector: Wind • Location: India
Source: INVC NEWS
The Union Cabinet of India approved a ₹7,280 crore Production-Linked Incentive (PLI) scheme to scale domestic manufacturing of sintered rare earth permanent magnets (REPM), critical for electric vehicles, wind turbines, and advanced electronics. The scheme aims to position India as a global magnet manufacturing hub with a target of 20% of the world REPM market by 2030, reducing dependence on China
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Status
Original status | approved |
Taiyo status | Obfuscated Data |
Taiyo last update | 00-00-0000 |
Available timestamps | 00-00-0000 |
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Address | Obfuscated Data, Obfuscated data, obfuscated data, Obfuscated data |
Description
Description | The Union Cabinet of India approved a ₹7,280 crore Production-Linked Incentive (PLI) scheme to scale domestic manufacturing of sintered rare earth permanent magnets (REPM), critical for electric vehicles, wind turbines, and advanced electronics. The scheme aims to position India as a global magnet manufacturing hub with a target of 20% of the world REPM market by 2030, reducing dependence on China. It supports creation of 10 GWh manufacturing capacity and over 5,000 direct jobs, with participation expected from leading industrial players like Tata Steel. The initiative aims to cut rare earth magnet imports by $10 billion over the next decade and support India's EV ecosystem and renewable energy goals. |
Original sub-sector | Obfuscated |
Original Currency | USD |
Original budget | 000000000000000 |
Procurement method | Obfuscated Data |
Budget | 000000000000000 |
Location
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Source
Source reliability | High |
Data quality score | 100% |
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URL | obfuscated_data,obfuscateddata.com |
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