# MHI gets 14-15 bids under rare-earth magnet scheme, PLI crosses Rs 45,000 crore 2026-08-12T18:48:31+00:00 | Governance | Indian Opinion Desk Corroboration: 2 independent outlets The Ministry of Heavy Industries has received 14-15 applications from domestic and international companies under its scheme to manufacture sintered rare-earth permanent magnets in India. Production from the Rs 7,280 crore scheme is expected in 1.5 to 2 years, the ministry said. Separately, investments under the production-linked incentive (PLI) scheme for automobiles have crossed Rs 45,000 crore, exceeding the target of Rs 42,000 crore. The ministry expects to disburse around Rs 4,700 crore in incentives this financial year. The ministry is also exploring a financing mechanism for electric trucks in the 3.5-55 tonne segment, where fewer than 1,000 units have been sold. For the first time, the government is considering interest subvention to bridge the higher cost of EV loans compared with diesel vehicles. Charging infrastructure for commercial EVs remains a challenge, with utilisation too low for viable returns, a ministry official said. ## Coverage - auto.economictimes.indiatimes.com - rediff.com Tags: domestic manufacturing, electric vehicles, EV financing, Hanif Qureshi, PLI Auto, rare-earth magnets Canonical: https://indianopinion.org/14-15-bids-for-indias-rare-earth-magnet-production-scheme/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/14-15-bids-for-indias-rare-earth-magnet-production-scheme/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes.