Government targets domestic production within two years to strengthen EV and renewable energy supply chains.

India Receives 15 Bids Under ₹7,280 Crore Rare-Earth Magnet Manufacturing Scheme.

The Ministry of Heavy Industries (MHI) has received 14–15 bids from domestic and international companies under its ₹7,280 crore scheme to promote the manufacturing of sintered rare-earth permanent magnets. According to Additional Secretary Dr. Hanif Qureshi, the strong response reflects growing confidence in India's efforts to build a domestic supply chain for critical components used in electric vehicles, renewable energy, and advanced industries. Domestic production is expected to begin within 1.5 to 2 years, reducing reliance on imports. The scheme aims to establish 6,000 metric tonnes per annum of integrated magnet manufacturing capacity. Separately, investments under the PLI Auto Scheme have crossed ₹45,000 crore, exceeding the original target. The government is also working on financing support for electric buses and heavy trucks, extending incentives for electric two-wheelers until March 2028, while expanding charging infrastructure to accelerate India's clean mobility transition.