India Finalising RFP For Rare Earth Magnet Scheme

15 Jan 2026 CW Team

The Minister for Heavy Industries and Steel was speaking while chairing a stakeholder consultation meeting on the scheme, attended by industrial participants from India and overseas. Kumaraswamy said the initiative marked a critical step towards building a self-reliant, resilient and globally competitive ecosystem for rare earth permanent magnets, in line with the Viksit Bharat 2047 vision.

According to a statement from the Ministry of Heavy Industries, the minister encouraged all eligible players to seize the opportunity and contribute to India’s long-term growth by taking part in the bidding process, adding that work on finalising the RFP is under way.

The meeting was attended by senior officials including the secretary of the Ministry of Heavy Industries, the secretary of the Department of Atomic Energy, the chairman and managing director of IREL (India) Ltd, the director (technical) of NMDC, the director of NFTDC, along with several industry representatives from India and abroad.

The scheme has a total financial outlay of Rs 72.8 billion. This includes Rs 64.5 billion in sales-linked incentives on rare earth permanent magnet sales and Rs 7.5 billion in capital subsidy to support the establishment of an aggregate 6,000 million tonnes per annum of manufacturing capacity.

The programme will run for seven years from the date of award, comprising a two-year gestation period for setting up integrated manufacturing facilities, followed by five years of incentive disbursement linked to sales.

During the consultation, industry representatives outlined their capabilities and expressed interest in participating in the scheme, signalling strong response from both domestic and international players.

The government is in the process of finalising the Request for Proposal (RFP) for the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets, Union minister H D Kumaraswamy said on Monday, urging domestic and international companies to participate in the bidding process. The Minister for Heavy Industries and Steel was speaking while chairing a stakeholder consultation meeting on the scheme, attended by industrial participants from India and overseas. Kumaraswamy said the initiative marked a critical step towards building a self-reliant, resilient and globally competitive ecosystem for rare earth permanent magnets, in line with the Viksit Bharat 2047 vision. According to a statement from the Ministry of Heavy Industries, the minister encouraged all eligible players to seize the opportunity and contribute to India’s long-term growth by taking part in the bidding process, adding that work on finalising the RFP is under way. The meeting was attended by senior officials including the secretary of the Ministry of Heavy Industries, the secretary of the Department of Atomic Energy, the chairman and managing director of IREL (India) Ltd, the director (technical) of NMDC, the director of NFTDC, along with several industry representatives from India and abroad. The scheme has a total financial outlay of Rs 72.8 billion. This includes Rs 64.5 billion in sales-linked incentives on rare earth permanent magnet sales and Rs 7.5 billion in capital subsidy to support the establishment of an aggregate 6,000 million tonnes per annum of manufacturing capacity. The programme will run for seven years from the date of award, comprising a two-year gestation period for setting up integrated manufacturing facilities, followed by five years of incentive disbursement linked to sales. During the consultation, industry representatives outlined their capabilities and expressed interest in participating in the scheme, signalling strong response from both domestic and international players.

Infrastructure Transport

15 Jan 2026

BLR Airport Eyes Global Expansion After Strong 2025

Kempegowda International Airport Bengaluru on Monday said it will expand international connectivity, add capacity and deepen airline partnerships in 2026, after closing calendar year 2025 with higher passenger volumes and moderate cargo growth. The operator said its focus will be on scaling both passenger and cargo operations while supporting wider network expansion. Total passenger traffic stood at 43.82 million in 2025, up from 40.73 million in 2024. The airport also recorded its highest-ever single-day passenger movement of 137,317 travellers on 23 November 2025. Daily aircraft movements p..

Infrastructure Transport

15 Jan 2026

Bengaluru Plans 10 Flyovers To Ease Traffic Congestion

Bengaluru Smart Infrastructure Ltd (B-SMILE), a government-run agency, has begun forming internal teams to execute 10 flyover projects aimed at easing traffic congestion across the city, even as mobility experts continue to question their effectiveness. In a series of office orders, Bengaluru Smart Infrastructure Ltd has assigned individual engineers to oversee each of the proposed projects. The engineers have been directed to study existing road conditions and suggest modifications to the detailed project reports. The flyovers have been categorised into three groups based on length: up to 5..

Infrastructure Transport

15 Jan 2026

AAI Plans Major Upgrade Of Air Navigation Systems

The Airports Authority of India (AAI), which provides air navigation services across the country, has announced plans to upgrade and replace key air navigation systems at airports to improve operational efficiency, safety standards and air traffic management capabilities. According to officials, the proposed programme will focus on modernising critical navigation, surveillance and communication systems that support aircraft movements. These systems are essential for ensuring safe take-offs and landings, as well as seamless coordination between pilots and air traffic controllers. The replacem..