It was launched in 2025 by the Union Government with the aim of establishing India’s first domestic REPM manufacturing ecosystem with 6,000 MTPA (metric tonnes per annum) integrated capacity.

Ministry: Ministry of Heavy Industries

Duration: 7 years

2 years: facility setup (gestation period)

5 years: incentive disbursement on sales

Rare Earth Permanent Magnets

• They are a type of permanent magnet made from alloys of rare earth elements.
• Properties are exceptional magnetic strength, high energy density, and superior performance compared to other types of magnets.
• Applications are electric vehicles, renewable energy, electronics, aerospace, and defence sectors

Source: The Hindu