Last Updated on November 27, 2025 12:24 am by INDIAN AWAAZ
Sudhir Kumar / New Delhi
Union Cabinet on Wednesday approved the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets with a financial outlay of 7 thousand 280 crore rupees. This first-of-its-kind initiative aims to establish six thousand metric tonnes per annum of integrated Rare Earth Permanent Magnet manufacturing in the country.
Briefing media in New Delhi, Information and Broadcasting Minister Ashwini Vaishnaw highlighted that Rare Earth Permanent Magnet are one of the strongest types of permanent magnets and are vital for electric vehicles, renewable energy, electronics, aerospace, and defence applications. He added that the scheme will support the creation of integrated manufacturing facilities, involving conversion of rare earth oxides to metals, metals to alloys, and alloys to finished Rare Earth Permanent Magnet.
Driven by the rapidly growing demand from electric vehicles, renewable energy, industrial applications, and consumer electronics, country’s consumption of Rare Earth Permanent Magnet is expected to double by 2030. At present, country’s demand for Rare Earth Permanent Magnet is met primarily through imports. With this initiative, the country will establish its first ever integrated Rare Earth Permanent Magnet manufacturing facilities. This will generate employment, strengthen self-reliance and advance the nation’s commitment to achieve Net Zero by 2070. The total duration of the scheme will be seven years from the date of award, including a two year gestation period for setting up an integrated Rare Earth Permanent Magnet manufacturing facility. The scheme envisions allocating the total capacity to five beneficiaries through a global competitive bidding process.
The Union Minister said that Cabinet has also given its nod to Pune Metro Rail Project Phase-2. He said government has approved Line 4 (Kharadi-Hadapsar-Swargate-Khadakwasla) and Line 4A (Nal Stop-Warje-Manik Baug) under Phase-2 of the Pune Metro Rail Project. Mr Vaishnaw said the project will be completed within five years at an estimated cost of around 9 thousand 857 crore rupees.
With this latest approval, Pune Metro’s network will expand beyond the 100 kilometers. This is a significant step in the city’s journey towards a modern, integrated, and sustainable urban transit system.
Mr. Vaishnaw also said that the Cabinet Committee on Economic Affairs has given its approval to two projects of Ministry of Railways with a total cost of 2 thousand 781 crore rupees. Devbhumi Dwarka (Okha) – Kanalus rail line has been approved at a cost of one thousand 457 crore rupees while Badlapur – Karjat third and fourth line project was cleared with an estimaed cost of one thousand 324 crore rupees. Mr. Vaishnaw said that the two projects covering four districts across Gujarat and Maharashtra will increase the existing network of Indian Railways by about 224 kilometers.
He said, the doubling of rail line from Kanalus to Okha would provide enhanced connectivity to Dwarkadhish temple facilitating access to key pilgrimage destination and lead to all round development of Saurashtra region in Gujarat. Mr Vaishnaw said that Badlapur – Karjat section forms part of Mumbai suburban corridor. The third and fourth line project in Maharastra will improve the connectivity in Mumbai suburban area and meet the future demands of passengers, along with providing connectivity to Southern India.