How will Centre's ₹7,280-cr scheme for rare earth magnets help EV industry?

Centre's ₹7,280-crore scheme for rare earth permanent magnets (REPMs) will reduce Indian EV market's dependence on Chinese imports, especially with their export restrictions. The Centre, through this, will support approved companies with subsidies to incentivise production and build a domestic supply chain. REPMs are essential for EVs, especially the permanent magnet synchronous motors (PMSMs).