Context:
The Ministry of Heavy Industries has extended the bid submission timeline for the global tender under the Sintered Rare Earth Permanent Magnet (REPM) Scheme. The scheme aims to create domestic capacity for manufacturing rare earth permanent magnets and reduce import dependence.
Explanation:
- Rare Earth Permanent Magnets (REPMs) are powerful magnets made using rare earth elements such as neodymium and praseodymium.
- Sintered magnets are made by compacting rare earth magnetic powder and heating it below melting point to create strong, durable magnets.
- REPMs are critical for electric vehicles, wind turbines, robotics, consumer electronics, aerospace and defence systems.
- The scheme was approved by the Union Cabinet with an outlay of ₹7,280 crore.
- It aims to establish 6,000 Metric Tonnes Per Annum integrated REPM manufacturing capacity in India.
- The value chain will cover NdPr oxide to finished magnets, helping India move beyond raw material dependence.
- The scheme supports Atmanirbhar Bharat, critical mineral security, clean energy transition and strategic manufacturing.
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