Modi Cabinet set to greenlight ₹7,300cr boost for magnet tech

Business Nov 26, 2025

The Modi government is gearing up to approve a ₹7,300 crore incentive scheme to kickstart production of rare earth permanent magnets in India.
The goal? Build a strong homegrown supply chain for these advanced magnets—used in advanced industries—and rely less on imports.
If all goes as planned, India could be making up to 6,000 tons of these magnets every year over the next seven years.

Why it matters and what's next

This scheme isn't just about money—it gives companies clear financial backing and steady policy support so they can ramp up manufacturing without second-guessing the future.
It's a big step toward making India more self-reliant in cutting-edge tech.
Expect an official announcement soon after the Cabinet signs off.