New Delhi, July 11 (PTI) for consultations between ministries LaUnion Heavy Industries Minister HD Kumaraswamy said on Friday, two elite manufacturers proposed to give incentives to two distinguished manufacturers and 1,345 Crore plan to subsidize the production of rare earth magnets in India.
The proposed plan comes after China, which strikes global materials and restricts the export of rare soil magnets, including India.
It will provide end -to -end support to convert rare soil oxides into magnets.
The sources said the proposal could be sent to the union cabin for approval after the consultations between the ministries are completed.
“(The) La1,345 CRORE scheme had two manufacturers (proposed),
Ministry of Heavy Industry Secretary Kamran Rizvi LaThe 1,345 Crore scheme foresees the “end -to -end” support for two manufacturers to convert rare soil oxides into magnets under the consultation between the ministries.
“We are interested in magnets. Anyone who gives us magnet will receive incentives. La1.345 Crore scheme) is the first draft we have sent for intercourse consultation. It was suggested that there would be two manufacturers, Riz Rizvi said.
The subsidy will facilitate investment to create processing facilities for companies to convert rare soil oxides into magnets. Indian Nadir Earth Magnets Ltd, a PSU under the Ministry of Atomic Energy, is the only store of the rare worlds in India.
China’s latest restriction on the export of key metals has caused widespread deterioration in the production of automobiles and semiconductor chips in a number of countries, including India.
Rare soil magnets contain neodimium-iron-boron (NDFEB). It is used for high -performance automotive applications such as traction motors (two -wheeled vehicles and passenger vehicles) in electric vehicles and hydraulic steering motors (passenger vehicles) in both electrical vehicles and internal combustion engine vehicles.
