HD Kumaraswamy chairs stakeholder meet on Rare Earth Magnet Manufacturing Scheme

New Delhi [India], January 12 (ANI): Union Minister for Heavy Industries and Steel HD Kumaraswamy on Monday chaired a stakeholder consultation meeting on the government's Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets (REPMs), marking a significant step towards strengthening India's self-reliance in critical materials.
In his inaugural address, the Minister emphasised 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 Minister also informed that the Ministry is in the process of finalising the Request for Proposal (RfP).
Union Minister Ashwini Vaishnaw is in the United States to participate in the Critical Minerals Ministerial meeting. Vaishnaw arrived in Washington, DC, and emphasised that securing critical mineral supply chains is vital for India's goal of Viksit Bharat.
During the meeting, the Joint Secretary of the Ministry of Heavy Industries explained the Scheme, highlighting the key features of the Scheme notified on December 15, 2025.
Furthermore, industry representatives outlined their capabilities and expressed 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 stakeholders in critical materials," the Ministry of Heavy Industries said in a statement.
Notably, 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 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. (ANI)