Current Affairs - National - Discussion

The approved scheme centres on building a robust domestic ecosystem for manufacturing Rare Earth Permanent Magnets, which are crucial for advanced technologies including electric vehicles, defence systems, renewable energy equipment, and high-precision industrial applications. By promoting complete value-chain integration—from oxide conversion to finished sintered magnets—the programme aims to reduce India’s heavy import dependence, especially amid global supply chain constraints dominated by China. The scheme’s incentive structure, long-term duration, and phased implementation are designed to attract major investors, enhance self-reliance, support clean mobility, and strengthen India’s path toward energy security and strategic technological independence.