Context:
The Ministry of Heavy Industries has extended the bidding deadline for the ₹7,280 crore scheme aimed at promoting rare earth magnet manufacturing in India. The extension was made following requests from industry stakeholders to facilitate wider participation in the bidding process.
- Rare earth magnets are high-strength permanent magnets mainly made using Rare Earth Elements (REEs) such as Neodymium, Praseodymium, Samarium, and Dysprosium.
- These magnets are critical for electric vehicles (EVs), wind turbines, semiconductors, defence systems, robotics, smartphones, and aerospace technologies.
- Rare earth elements belong largely to the Lanthanide series in the periodic table.
- China dominates the global supply chain of rare earth processing and magnet manufacturing, creating concerns regarding strategic dependence and supply chain security.
- India possesses notable rare earth reserves, especially in monazite sands found along coastal regions.
- The scheme seeks to strengthen domestic manufacturing, import substitution, critical mineral security, and self-reliance under Atmanirbhar Bharat.
- The issue is linked with India’s push for clean energy transition, advanced manufacturing, and strategic technologies
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