The central government on Wednesday approved a new scheme comprising an incentive package of Rs 7,280 crore to promote the manufacturing of rare earth permanent magnets. The ‘Scheme to promote manufacturing of Sintered Rare Earth Permanent Magnets’ was approved in the Union Cabinet meeting chaired by Prime Minister Narendra Modi. According to PTI news, Information and Broadcasting Minister Ashwini Vaishnav said that this scheme will promote the manufacturing of rare earth permanent magnets. Our target is to create MTPA capacity of 6,000 metric tonnes per annum.
According to the news, rare earth magnets are used in major sectors like electric vehicles, aerospace, electronics, medical devices and defense. Under the scheme, a total of 6,000 MTPA capacity will be allocated to 5 selected companies through a global competitive bidding process. Each beneficiary will get a maximum capacity of 1,200 MTPA.
Decision on Pune Metro Rail Project also
Line 4 (Kharadi–Hadapsar–Swargate–Khadakwasla) and Line 4A (Nal Stop–Warje–Manik Bagh) have also been approved under Phase-2 of the Pune Metro Rail Project. These two lines, approximately 31.6 km long, will have 28 elevated stations. According to the news, the project, costing around Rs 9,857.85 crore, will be completed in 5 years and will be jointly financed by the Government of India, Government of Maharashtra and external funding agencies.
Traffic will get a boost
According to the news, the new metro lines will reduce traffic on busy routes like Kharadi IT Park, Hadapsar Industrial Area, Swargate, Sinhagad Road, Karve Road and Mumbai-Bengaluru Highway and promote faster, safe and green transportation in the city. Both these lines will seamlessly connect with other metro corridors—Swargate (Line 1), Kharadi Bypass and Nal Stop (Line 2). There will also be interchange facility at Hadapsar railway station.
There will be a strong increase in daily passenger numbers
The combined daily passenger count is expected to increase from 4.09 lakh in 2028 to more than 11.7 lakh by 2058. Maha-Metro will implement this project and handle all the system work right from construction. With this approval, the Pune Metro network will exceed 100 km, providing the city with better, faster and sustainable public transport in the future.
What did the minister say on this approval related to railways?
Union Minister Ashwini Vaishnav said that the newly approved third and fourth rail lines between Badlapur and Karjat in Maharashtra will significantly increase the capacity on the busy Mumbai-Pune route. With most of the work on the Diva-Badlapur four-line already completed or underway, this expansion will strengthen the vital corridor connecting Mumbai to Pune and further to Hyderabad, Bengaluru and Chennai via Wadi and Guntakal.
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