India has established 7.23 million tonnes of in-situ rare earth oxide resources and 1.29 million tonnes in hard rock, but depends on imports for magnets.
The Union Cabinet has approved a Rs. 7,280 crore scheme to establish 6,000 MTPA of sintered Rare Earth Permanent Magnet manufacturing capacity in India.
The scheme includes Rs. 6,450 crore in sales-linked incentives and Rs. 730 crore in capital subsidies to build an end-to-end magnet manufacturing supply chain.