The Indian Ministry of Heavy Industries has initiated a significant scheme with a budget of ₹7,280 crore (around $878 million USD) to promote the manufacturing of sintered rare earth permanent magnets. During a pre-bid conference held on April 7, 25 companies, including prominent firms like JSW Group, Vedanta, and Hindustan Zinc Ltd, expressed interest in the project. The government aims to select a maximum of five entities to establish manufacturing facilities with a total capacity of 6,000 metric tonnes per annum (MTPA). This initiative is crucial for enhancing domestic manufacturing capabilities, reducing reliance on imports, and fostering a competitive ecosystem for rare earth permanent magnets in India. The bidding process will conclude on May 28, 2026, with technical bids scheduled to be opened the following day. The scheme is expected to support various industries, including electric vehicles, aerospace, defense, and consumer electronics, thereby aligning with India's focus on critical minerals.