Government Extends Bid Deadline for ₹7,280-Crore Rare Earth Magnet Manufacturing Scheme

The Government of India has extended the deadline for submitting bids under its ₹7,280-crore incentive scheme aimed at boosting domestic production of rare earth permanent magnets. The extension is expected to provide additional time for companies to prepare detailed proposals and encourage wider participation from industry players.

The ambitious scheme is part of India’s broader strategy to strengthen self-reliance in critical minerals and reduce dependence on imported rare earth magnets, which are essential components in electric vehicles (EVs), wind turbines, electronics, defense equipment, and advanced industrial machinery. The initiative seeks to establish a robust domestic manufacturing ecosystem for high-performance permanent magnets.

Officials said the extension follows industry feedback requesting more time to finalize technical and financial proposals. The additional window is expected to attract greater interest from both established manufacturers and new investors, ensuring stronger competition and higher-quality project submissions.

The ₹7,280-crore program aims to promote investment in rare earth processing, magnet manufacturing, and related value chains, supporting the government’s vision of building resilient supply chains for strategic industries. Industry experts believe the scheme will help position India as a key global player in critical mineral processing while generating employment, encouraging technology transfer, and strengthening the country’s clean energy and automotive sectors.