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The Ministry of Heavy Industries (MHI) and the Department of Atomic Energy (DAE) are expected to finalise a rare earth magnet manufacturing scheme within the next 10-15 days, sources told CNBC-TV.
The government is set to launch a new initiative with an outlay of ₹1,000 crore aimed at incentivising the domestic production of rare earth magnets, critical components in sectors like electric vehicles, electronics, and defence, the sources said.
The plan will focus on supporting the manufacturing capacity of approximately 1,500 tonnes of rare earth…
