Govt must keep non-serious firms out of magnet scheme: Sona Comstar MD

Sona Comstar MD says Centre should consider 'ring-fencing' this sector through safeguard duties in future

The Ministry of Heavy Industries (MHI) must ensure that “non-serious” companies are kept out of its new production-linked incentive (PLI) scheme for rare earth permanent magnets (REPMs) like in some other PLI schemes, said Vivek Vikram Singh, managing director (MD) and group chief executive officer (CEO) of auto component maker Sona Comstar.

 

REPM is a sensitive sector for the country and producing high-quality magnets is highly complex and technologically challenging, he added.

 

Moreover, the Centre should consider “ring fencing” this sector through safeguard duties once REPM production starts in India in a couple of years. This will ensure that the