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Union Minister for Heavy Industries & Steel Chairs Stakeholder Consultation Meeting on Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets

in Business, National January 12, 2026 Comments Off on Union Minister for Heavy Industries & Steel Chairs Stakeholder Consultation Meeting on Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets 670 Views

Newdelhi:12/1/26: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 were 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 stakeholders in critical materials.

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Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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