India supports rare earth magnet manufacturing
The Government of India has approved a new project by Lohum. This project will make rare earth permanent magnets in India. These magnets are used in electric motors and many electronic products.
This is an important step because India has not made these magnets before. Most magnets are imported from other countries. Now, India can start building its own supply chain. This move will help reduce imports and improve local production.
₹7,104 crore investment to boost key components
The magnet project is part of a larger plan under the Electronics Components Manufacturing Scheme. In total, 29 new projects have been approved under this scheme.
These projects include making lithium-ion cells, capacitors, and flexible circuit boards. Together, they will bring ₹7,104 crore in investment. They are also expected to produce goods worth ₹84,515 crore. Because of this, many factories will grow across different industries
Jobs and industry growth expected
The government has approved 75 projects under this scheme so far. These projects together have crossed ₹61,671 crore in investments. They are expected to create 65,040 direct jobs in the coming years.
This mission helps many sectors like automotive, telecom, and consumer electronics. It also supports the EV industry, which needs strong local supply chains. As a result, India can become more self-reliant in advanced technologies.
