Manufacturing Ecosystem For Rare Earth Magnets Will Cut Down Imports, Says PM Modi

The decision to set up a rare earth permanent magnets manufacturing ecosystem will cut down on imports, Prime Minister Narendra Modi said on Wednesday.

The initiative, he underlined, not only focuses on green technologies but aims to create domestic capacities while curbing imports.

"A historic first for India's high-tech manufacturing! The Union Cabinet has approved a scheme to establish India's first integrated ecosystem for manufacturing Sintered Rare Earth Permanent Magnets (REPM), which are essential components in electric vehicles, wind turbines, defence systems and aerospace technologies," Modi said in a post on X.

The PM also said the Cabinet decision on two multi-tracking projects covering four districts across Maharashtra and Gujarat will add to the rail infrastructure.

"Mobility, operational efficiency and service reliability will be enhanced. Multi-modal connectivity and logistic efficiency will also improve," he said.

The prime minister said the decision to expand the Pune Metro was a major boost to the city's public transport network.

"Cabinet approves Phase-2 of Pune Metro (Lines 4 and 4A) connecting various areas of the city. This decision ensures a faster and more comfortable commute for the people of Pune, which is an important centre for growth and innovation," he said.

Union Minister Ashwini Vaishnaw informed that rare earth magnets are being sourced from countries including China and Japan that have agreements with India.

The minister said India plans to export surplus capacity once local production of rare earth magnets begins.

"All the countries with which we have agreements, it comes from those countries. Whether it is from China, whether it is from Japan, whether it is from Vietnam, Australia, Canada, and some US manufacturing is also being revised. It comes from all these places for the immediate requirement," Vaishnaw told reporters during a briefing on Cabinet decisions.

(With PTI Inputs)