Centre Approves 29 PLI Projects, Including Rs 700 Crore Rare Earth Magnet Unit

Government Approves 29 ECMS Projects Worth Rs 7,104 Crore

On March 30, the government approved 29 projects worth Rs 7,104 crore under the Electronics Component Manufacturing Scheme (ECMS). The approved projects span 16 product segments, including lithium-ion cells, flexible PCBs, connectors, and display modules, and are spread across eight states.

Key Highlights

• Rs 700 crore investment in India's first rare earth permanent magnet manufacturing unit, which boasts fully indigenous technology and intellectual property.
• The projects are expected to generate over 14,000 jobs and drive production worth Rs 84,515 crore.
• The government sees the magnet unit as a breakthrough in building capabilities across the refined mineral-to-magnet value chain.

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Domestic Production Targets

• Domestic production could meet 25 per cent of rare earth magnet demand.
• 50 per cent localisation in PCBs.
• 61 per cent localisation in lithium-ion batteries.