Business
Cabinet Clears Rs 7,280-Crore Scheme To Boost Rare Earth Magnet Manufacturing Amid China’s Export Curbs
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The Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets aims to create a REPM manufacturing capacity of 6,000 MTPA, in order to reduce import dependence.
Information and Broadcasting Minister Ashwini Vaishnaw briefs reporters on the Cabinet decisions today.
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday cleared a Rs 7,280-crore incentive scheme to promote domestic manufacturing of rare earth permanent magnets (REPMs). The move comes amid China’s rare earth export control measures, which the country announced on October 9.
The Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets aims to create a REPM manufacturing capacity of 6,000 metric tonnes per annum (MTPA), to reduce India’s import dependence on critical minerals and strengthen its supply chain.
“The scheme will promote manufacturing of rare earth permanent magnets. The aim is to create capacity of 6,000 MTPA (metric tonne per annum),” Information and Broadcasting Minister Ashwini Vaishnaw told reporters.
Rare earth magnets are used in major industries including electric vehicles, aerospace, electronics, medical devices and defence.
Duration Of The Rare Earth Magnet Manufacturing Scheme
The total duration of the scheme will be 7 years from the date of award, including a 2-year gestation period for setting up an integrated Rare Earth Permanent Magnets (REPM) manufacturing facility, and 5 years for incentive disbursement on the sale of REPM.
The scheme envisions allocating the total capacity to five beneficiaries through a global competitive bidding process. Each beneficiary will be allotted up to 1,200 MTPA of capacity.
REPMs Critical Material For Various Industries
“REPMs are one of the strongest types of permanent magnets and are vital for electric vehicles, renewable energy, electronics, aerospace, and defence applications. The Scheme will support the creation of integrated REPM manufacturing facilities, 
involving conversion of rare earth oxides to metals, metals to alloys, and alloys to finished REPMs,” the Ministry of Heavy Industries said in a statement.
India’s REPM Consumption To Double By 2030
Driven by the rapidly growing demand from electric vehicles, renewable energy, industrial applications, and consumer electronics, India’s consumption of REPMs is expected to double by 2030 from 2025.
Currently, India’s demand for REPMs is met primarily through imports. With this initiative, India will establish its first ever integrated REPM manufacturing facilities, generating employment, strengthening self-reliance and advancing the nation’s commitment to achieve Net Zero by 2070, according to the statement.
‘Landmark Step For Domestic REPM Manufacturing Ecosystem’
“This initiative by the Government of India is a landmark step towards strengthening the domestic REPM manufacturing ecosystem and enhancing competitiveness in the global markets. By fostering indigenous capabilities in REPM production, the scheme will not only secure the REPM supply chain for domestic industries but also support the nation’s Net Zero 2070 commitment,” the ministry said.
It embodies the governments unwavering commitment to build a technologically self-reliant, globally competitive, and sustainable industrial base, in line with the vision of Viksit Bharat @2047.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
November 26, 2025, 16:32 IST
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On International Women’s Day 2026, Equirus Wealth reports Indian women investors’ shift from fixed deposits and gold to equity mutual funds.
Women investors are steadily reshaping India’s financial landscape, with rising participation in stocks, mutual funds, and digital investing platforms.
On International Women’s Day 2026, a key trend of behavior change among female investors has emerged over the past five years, particularly in their investment choices across various financial products. Women are now more confident while investing in high risk but rewarding equity market, as the portfolio allocation in equity mutual funds surged from 10 per cent to 32 per cent, while down from 40 per cent to 20 per cent in Fixed Deposits (FDs).
The five-year study on women investors and relationship managers was conducted by Equirus Wealth Limited, and was published in a report titled “Expanding Horizons: Changing Wealth Management Behaviours of Indian Women – Qualitative Analysis of Investor Evolution Across Age and Affluence.”
The study reveals that women investors are increasingly moving away from episodic product purchases such as fixed deposits, gold and property towards diversified, allocation-driven portfolios anchored around long-term financial goals.
This reflects the major behavioural change from ‘safety-first’ investing to allocation-driven portfolio strategies.
Female Investors Adopting AI Cautiously
According to the report ,Artificial Intelligence may dominate global investment conversations, but Indian women investors are adopting it cautiously. They are using AI primarily as research and learning tool rather than for autonomous investment decisions.
Not Panicking During Corrections
Another interesting thing being revealed by the study is that 70-90% of investors hold or review their investments during market corrections rather than exiting in panic, showing maturity during market cycles.
At the same time, around 55% selectively add capital during market dips, reflecting growing conviction and a longer-term approach to investing.
Rise of “bucket investing”
Investors are increasingly dividing portfolios into buckets like safety, growth, liquidity and legacy instead of buying random financial products.
Risk is no longer seen only as loss of capital.
Investors now also consider inflation, goal failure, and portfolio drawdowns as risks.
75–90% are discussing intergenerational wealth transfer and financial discipline for the next generation.
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March 08, 2026, 14:14 IST
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Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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Some seven in 10 British adults without a full driving licence say learning to drive is currently unaffordable, according to a survey.
The figure is even higher among younger people, with 76% of 18 to 29-year-olds without a licence saying driving lessons are financially out of reach, the poll for car insurer Prima found.
Overall, 38% said the cost of driving lessons was the biggest deterrent to learning to drive.
Some 32% were put off by the price of buying a car and 15% said the cost of car insurance was the main barrier to learning to drive.
Almost half (45%) said they would consider learning to drive if it became significantly cheaper.
Nick Ielpo, UK country manager at Prima, said: “For a growing number of people, driving is no longer a symbol of freedom – it’s a financial stretch too far.
“Between lessons, buying a car and insuring it, the upfront and ongoing costs are pricing many people out before they even start.”
Find Out Now surveyed 1,134 adults who do not hold a full driving licence between January 21 and 23.
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