Rare earths permanent magnets manufacturing to reduce imports: PM Modi

Prime Minister Narendra Modi on Wednesday said the decision to establish an ecosystem to manufacture rare earths permanent magnets will reduce imports.

"A historic first for India's high-tech manufacturing! The Union Cabinet has approved a scheme to establish India's first integrated ecosystem for manufacturing Sintered Rare Earth Permanent Magnets (REPM), which are essential components in electric vehicles, wind turbines, defence systems and aerospace technologies," Modi said in a post on X.

He said the initiative aims at creating domestic capacities and reducing imports, and also focuses on green technologies.


Modi said the Cabinet decision on two multi-tracking projects covering four districts across Maharashtra and Gujarat will add to the rail infrastructure.

"Mobility, operational efficiency and service reliability will be enhanced. Multi-modal connectivity and logistic efficiency will also improve," he said.

The prime minister said the decision to expand the Pune Metro was a major boost to the city's public transport network.

"Cabinet approves Phase-2 of Pune Metro (Lines 4 and 4A) connecting various areas of the city. This decision ensures a faster and more comfortable commute for the people of Pune, which is an important centre for growth and innovation," he said.