India Focuses on Indigenous Rare Earth Magnets to Strengthen EV Ecosystem: Kumaraswamy

Union Minister H.D. Kumaraswamy stated that India is prioritizing domestic production of sintered rare earth permanent magnets to strengthen the electric vehicle ecosystem and reduce import reliance. The government approved the Rare Earth Permanent Magnets (REPM) scheme with a ₹7,280 crore outlay and exempted capital goods for critical mineral processing from basic customs duty to encourage manufacturing.