The government has invited global bids to set up rare earth magnet manufacturing units with a total capacity of 6,000 MTPA.

The initiative is aimed at building a domestic value chain for critical materials used in electric vehicles, electronics, and renewable energy systems.

The scheme offers capital subsidies and performance-linked incentives to selected bidders.

Officials said the move is crucial to reduce India’s heavy reliance on imports, particularly from China.

The bidding process will be conducted in phases, with project allocation based on technical and financial evaluation.