Date: 2026-01-12Category: Press ReleaseState: Union GovernmentCountry: India
Union Minister for Heavy Industries & Steel Chairs Stakeholder Consultation Meeting on Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets.
**Executive Summary**
The Union Minister for Heavy Industries & Steel chaired a stakeholder consultation meeting on the "Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets." The Scheme aims to establish a self-reliant ecosystem for Rare Earth Permanent Magnets (REPMs) in alignment with Viksit Bharat @2047. The Ministry is finalizing the Request for Proposal (RfP). The Scheme was notified on December 15, 2025.
**Key Points / Main Content**
* **Scheme Objective:**
* Establish a self-reliant, resilient, and globally competitive ecosystem for REPMs.
* **Financial Outlay:**
* Total financial outlay is Rs. 7,280 crore.
* Rs. 6,450 crore allocated for sales-linked incentives on REPM sales.
* Rs. 750 crore for capital subsidy to establish 6,000 MTPA of REPM manufacturing facilities.
* **Scheme Duration:**
* Spans 7 years from the date of award.
* Includes a 2-year gestation period for establishing manufacturing facilities.
* 5 years for incentive disbursement on REPM sales.
* **Request for Proposal:**
* Ministry is in the process of finalizing the Request for Proposal (RfP).
**Impact Analysis**
**Domestic and International Industry Players:**
* **Impact:** Potential beneficiaries of the Scheme's incentives and subsidies. Urged to contribute to India's long-term growth.
* **Action Required:** Seize the opportunity by participating in the bidding process once the Request for Proposal (RfP) is finalized.
**Ministry of Heavy Industries:**
* **Impact:** Responsible for administering and overseeing the implementation of the Scheme.
* **Action Required:** Finalize and release the Request for Proposal (RfP) to initiate the bidding process.
**Secretary, Ministry of Heavy Industries; Secretary, Department of Atomic Energy; CMD, IREL (India) Ltd.; Director (Technical), NMDC; Director, NFTDC**
* **Impact:** Invited to the consultation meeting and expected to have oversight of the scheme.
* **Action Required:** Contribute to the final decision making process regarding the scheme.
Key Entities Referenced
Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets: A government scheme to boost the production of Sintered Rare Earth Permanent Magnets (REPMs) in India.
Ministry of Heavy Industries: The government ministry responsible for the scheme's implementation.
Viksit Bharat @2047: The vision of India as a developed nation by 2047, which the scheme aligns with.
Ministry of Heavy Industries
Union Minister for Heavy Industries & Steel
Chairs Stakeholder Consultation Meeting on
Scheme to Promote Manufacturing of Sintered
Rare Earth Permanent Magnets.
Minister Shri H.D. Kumaraswamy emphasized that the
Scheme represents a pivotal step towards establishing a self-
reliant, resilient, and globally competitive ecosystem for
REPMs, aligning with the vision of Viksit Bharat @2047
प्रव तथ: 12 JAN 2026 5:19PM by PIB Delhi
The Union Minister for Heavy Industries & Steel, Shri H.D. Kumaraswamy, chaired a stakeholder
consultation meeting today on the ‘Scheme to Promote Manufacturing of Sintered Rare Earth Permanent
Magnet’. The meeting was attended by the Secretary, Ministry of Heavy Industries; Secretary, Department
of Atomic Energy; CMD, IREL (India) Ltd.; Director (Technical), NMDC; Director, NFTDC; and various
industrial stakeholders from India and abroad.
In his inaugural address, the Minister emphasized that the Scheme represents a pivotal step towards
establishing a self-reliant, resilient, and globally competitive ecosystem for REPMs, aligning with the
vision of Viksit Bharat @2047. He urged all eligible domestic and international players to seize this
opportunity and contribute to India’s long-term growth story by participating in the bidding process. The
Hon’ble Minister also informed that the Ministry is in the process of finalizing the Request for Proposal
(RfP).Joint Secretary, Ministry of Heavy Industries, explained the Scheme, highlighting the key features, which
was notified on December 15, 2025.
The total financial outlay for the Scheme is Rs. 7,280 crore, including Rs. 6,450 crore in sales-linked
incentives on REPM sales and Rs. 750 crore in capital subsidy for setting up an aggregate 6,000 MTPA of
REPM manufacturing facilities, thereby bolstering self-reliance and positioning the country as a
prominent player in the global REPM market. The Scheme spans a total duration of 7 years from the date
of award, comprising a 2-year gestation period for establishing integrated REPM manufacturing facilities
and 5 years for incentive disbursement on REPM sales.
During the meeting, industry representatives outlined their capabilities, expressing interest in participating
in the Scheme.
This consultation underscores the Government’s commitment to fostering collaboration between industry
and policymakers to accelerate India’s journey towards technological self-sufficiency and key stakeholder
in critical materials.
***
TPJ
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