Rs 7,280 crore Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets approved by Union Cabinet on 26 November 2025, with 6,000 MTPA of integrated capacity across five beneficiaries (up to 1,200 MTPA each) selected through global competitive bidding. Sales-linked incentives of Rs 6,450 crore over five years plus capital subsidy of Rs 750 crore; 7-year duration including 2-year gestation. RFP issued 20 March 2026 by Ministry of Heavy Industries, bids due 28 May 2026.
India's first integrated rare earth permanent magnet manufacturing programme. Addresses 85-90% import dependence on China for magnets critical to EVs, wind turbines, defence, and aerospace. First production expected within 2-3 years of award.