Recently, the Indian government officially approved a plan totaling 72.8 billion rupees (equivalent to $815 million), aimed at promoting the production of sintered rare earth permanent magnets and enhancing the country's self-sufficiency in advanced magnet technology.
According to the plan, five companies will be selected through competitive bidding to jointly establish an annual production capacity of 6,000 mt of sintered NdFeB. To support this goal, the plan will provide 64.5 billion rupees in sales-related incentives and 7.5 billion rupees in capital subsidies for facility construction over a five-year period. Each selected company will be allocated an annual production capacity of 1,200 mt. The entire plan is expected to span seven years, with the first two years dedicated to installation and construction.
The core of the plan lies in incentivizing India to build a comprehensive magnet manufacturing capability system, covering the entire process from the conversion of rare earth oxides to metals, the processing of metals into alloys, and the manufacturing of alloys into finished magnets. This initiative will not only help strengthen supply chain stability but also create numerous employment opportunities, drive industrial growth, and contribute to India's goal of achieving net-zero emissions by 2070.
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