China will get a befitting reply! Now ‘Rare Earth Magnet’ will also be formed in India, government will spend Arabs

Ever since China has imposed restrictions on the export of rare economy minerals, the industries around the world have been worried and India is also not untouched by it. But now the Government of India is going to take a big step, so that these necessary magnets can be made in the country itself.

What is the government’s plan?

According to the CNBC-TV18 report, the Government of India is going to promote manufacturing of rare economy magnets at the domestic level by spending around Rs 1000 crore. The Ministry of Heavy Industries and the Department of Atomic Energy are working together on this scheme.

It is being said that this scheme can be finalized in the next 10 to 15 days. Under this, 1500 tonnes of rare meaning magnets will be made in India every year. The entire blueprint of the scheme has not been revealed yet, but 5 to 6 companies have shown interest in it.

Why is this scheme necessary?

Rare Earth Magnets have become very important in today’s world, especially in automobiles and renewable energy sectors. Till now China has been ruling the whole world in this field. But when China reduced their export, there was a huge shortage of raw materials in India too. Therefore, now the goal of the Government of India is to make these magnets in the country itself, so that dependence on China is over.

Big role of India Rare Earth Limited

In this mission, India Rare Earth Limited will be given a big role. According to the report, this company will supply about 500 tonnes of raw material directly to manufacturers, so that the domestic industry can continue production without interruption.

There will also be a separate scheme for rare meaning minerals

Not only the rare meaning magnets, the government is also bringing separate schemes to increase the manufacturing of the rest of the rare meanings. Times of India reports show that for this, Rs 3500 to 5000 crore will be invested. Right now the government is doing its internal assessment, so that this project can be landed on the ground as soon as possible.

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