Union Heavy Industries Minister H.D. Kumaraswamy today chaired a stakeholder consultation meeting on the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets in New Delhi. Addressing the meeting, the Minister emphasised that the scheme represents a pivotal step towards establishing a self-reliant, resilient, and globally competitive ecosystem for REPMs, aligning with the vision of Viksit Bharat by 2047. He urged all eligible domestic and international players to seize this opportunity and contribute to India’s long-term growth story by participating in the bidding process.

According to the Heavy Industries ministry, the total financial outlay for the Scheme is over seven thousand crore rupees. During the meeting, industry representatives outlined their capabilities, expressing interest in participating in the Scheme.