NEW DELHI: (Nov 26) The Union Cabinet on Wednesday approved a scheme to promote manufacturing of rare earth permanent magnets with an outlay of Rs 7,280 crore.
The ‘Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets’ was approved at a Cabinet meeting chaired by Prime Minister Narendra Modi.
“The scheme will promote manufacturing of rare earth permanent magnets. The aim is to create capacity of 6,000 MTPA (metric tonne per annum),” Information and Broadcasting Minister Ashwini Vaishnaw told reporters.
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