India Extends Deadline for ₹7,280-Cr EV Magnet Subsidy Scheme

The Ministry of Heavy Industries has extended the bid submission deadline to June 29, 2026, for India’s ₹7,280-crore incentive scheme aimed at promoting domestic manufacturing of rare earth permanent magnets, following requests from industry participants seeking additional time to prepare proposals.

The extension applies to the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets (REPMs), which is intended to develop domestic manufacturing capacity for high-performance magnets used in electric vehicle motors. India currently relies heavily on imports for these components, primarily from China, making the sector strategically important for supply chain resilience and energy transition goals.

The scheme is being administered by the Ministry of Heavy Industries, the nodal ministry for India’s automobile sector. The bidding process was originally scheduled to close on May 28, but the revised timeline now sets June 29, 2026, as the final date for proposal submissions.

News by Rahul Yelligetti.