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The Centre has cleared a ₹7,280 crore push to make rare-earth permanent magnets at home—target 6,000 MTPA capacity across ~5 projects—to cut import dependence on China. These magnets power EV motors, wind turbines, defence and electronics; India’s demand is projected to double by 2030, but today it mostly relies on imports. The scheme blends sales-linked incentives + capex support via global bidding to seed an end-to-end domestic chain
