About Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets:
- It aims to establish 6,000 Metric Tons per Annum (MTPA) of integrated Rare Earth Permanent Magnet (REPM) manufacturing in India.
- It 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.
- Features of Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets:
- Duration: 7 years (2 years for setting up an integrated REPM manufacturing facility + 5 years incentive disbursement on the sale of REPM.)
- With this initiative, India will establish its first ever integrated REPM manufacturing facilities in India.
What are Rare Earth Magnets?
- These are a type of permanent magnet made from alloys of rare earth elements.
- Properties: Exceptional magnetic strength, high energy density, and superior performance compared to other types of magnets.
- Types: Neodymium (Nd-Fe-B) and Samarium Cobalt (SmCo) are the two most common types of rare earth magnet materials. Both types are extremely strong.
- Neo magnets are composed primarily of neodymium, boron and iron, and samarium cobalt is composed of samarium and cobalt.
- Applications: These are used in electric vehicles, renewable energy, electronics, aerospace, and defence applications.
