India to Seek Bids for Rare Earth Magnet Scheme by January-End

• Government likely to seek proposals for the rare earth permanent magnet scheme by January-end.
• A global tender (GTE) will invite manufacturers to set up integrated NdFeB magnet facilities in India.
• The move aims to reduce import dependence amid China's tightening export controls on rare earth materials.
• The Rs 7,280-crore scheme targets 6,000 tonnes per annum capacity over seven years.
• Five manufacturers will be selected; IREL (India) Ltd will supply raw material to the top three bidders.

Why It Matters: India launches Rs 7,280-crore scheme to build domestic rare earth magnet value chain, reducing import reliance.