<h1>Centre clears Rs 7,280 crore scheme to boost domestic sintered rare earth magnet manufacturing capacity to 6,000 MTPA</h1> The Union Cabinet has approved a central government scheme with a financial outlay of Rs 7,280 crore to promote domestic manufacturing of sintered rare earth permanent magnets. The scheme targets creation of 6,000 MTPA installed capacity, to be allocated among up to five beneficiaries through a global competitive bidding process, with each beneficiary eligible for up to 1,200 MTPA. The scheme duration is seven years from award, including a two-year gestation period for establishing integrated manufacturing facilities and five years for incentive disbursement linked to sale of magnets.