Rare Earth Magnets: India’s ₹3,500-5,000 Crore Incentive Plan
Why in the news
The government was close to approving an incentive plan, expected within a fortnight, to build domestic rare earth output.
Key facts
- Outlay: ₹3,500-5,000 crore, through a reverse auction for cost discovery and competition.
- Goals: cut Chinese import dependence, build supply chain resilience, secure critical minerals.
- Uses: EVs, renewable energy, defence.
Rare earth elements (REEs)
- A set of 17 metallic elements, including lanthanides, scandium and yttrium, with magnetic, fluorescent and conductive properties.
- Not very scarce but hard and costly to extract and refine.
Rare earth magnets
| Aspect | Detail |
|---|---|
| Make-up | Permanent magnets from REE alloys |
| Common types | Neodymium (NdFeB), samarium-cobalt (SmCo) |
| Uses | Electronics, EVs, wind turbines, industry |
| Weakness | Brittle, corrodible, so coated or plated |
Exam angle
- Number of REEs: 17.
- Magnet types: NdFeB and SmCo.