Daily News - Monday, 23 March 2026
India launches ₹7,280 crore (USD $875 Million) scheme to build rare earth magnet factories (CNBC TV18)
The Ministry of Heavy Industries has invited global bids to set up rare earth permanent magnet (REPM) factories in India, targeting a total capacity of 6,000 metric tonnes per annum (MTPA). The initiative is part of a ₹7,280 crore (USD $875 Million) scheme cleared in November 2025, aimed at building a full domestic value chain from rare earth oxides to finished magnets. The government will provide up to ₹750 crore (USD $90 Million) in capital subsidies and ₹6,450 crore (USD $775 Million) in production‑linked incentives, with allocations ranging between 600-1,200 MTPA per bidder. The bidding process, conducted via the Central Public Procurement Portal, opened on March 20, 2026, with submissions due by May 28, 2026 and technical bids to be opened the following day. To mitigate raw material risks, the three lowest bidders will receive assured supply of NdPr oxide from IREL (India) Ltd., a state‑owned enterprise. These magnets are critical for electric vehicles, wind turbines, electronics, and defence systems, making the scheme strategically vital to reduce India’s heavy import dependence.
India China border trade via Lipulekh Pass to resume after 6 years (Economic Times)
Border trade between India and China via the Lipulekh Pass in Uttarakhand’s Pithoragarh district will resume in June 2026 after a six‑year suspension. The decision follows a No Objection Certificate (NOC) issued by the Ministry of External Affairs (MEA), with clearances also granted by the Ministry of Home Affairs and the Ministry of Commerce & Industry. Foreign Secretary Vikram Misri formally wrote to Uttarakhand Chief Secretary Anand Bardhan, requesting restoration of trade through the Himalayan pass. District Magistrate Ashish Bhatgai confirmed preparations are underway for the trade season, which typically runs from June to September, including arrangements for transit camps, customs, banking, security, and medical facilities. Local traders, represented by Simant Vyapar Sangathan president Jeevan Singh Ronkali, welcomed the move, noting it will allow retrieval of goods stored in Tibet’s Taklakot warehouses since the 2019 suspension. The resumption is expected to improve bilateral coordination, revive local economies, and strengthen traditional cross‑border trade links.
India is top importer of Gulf nitrogen fertilizers at over $11 Billion (Business Today)
India has an $11 billion (INR ~91,000 crore) import exposure as the largest global importer of nitrogen fertilizers from the Persian Gulf, according to BusinessToday. The Ministry of Chemicals and Fertilizers oversees this critical sector, with imports mainly of urea and ammonia from countries like Saudi Arabia, Oman, Qatar, and Iran. India accounts for nearly 30% of Gulf nitrogen fertilizer exports, making it highly vulnerable to disruptions in the Strait of Hormuz and regional instability. In FY2025, India imported over 17 million tonnes of nitrogen fertilizers, with Saudi Arabia alone supplying 6.5 million tonnes. Rising freight and crude prices have already increased India’s fertilizer subsidy burden, which stood at ₹1.9 lakh crore (USD $22.8 Billion) in FY2025. Analysts warn that any prolonged Gulf crisis could raise fertilizer costs, impacting agriculture productivity, food inflation, and subsidy outlays.
India to auction 19 critical mineral blocks including lithium, titanium and rare earth elements (mint)
The Union Mines Ministry will auction 19 critical and strategic mineral blocks across multiple states in the seventh round of auctions, beginning March 24, 2026. These blocks include minerals vital for clean energy, advanced technologies, fertilizers, and defence, such as lithium, graphite, rare earth elements (REE), tungsten, vanadium, and titanium. The auction will be conducted online through a two-stage ascending forward auction, with revenues accruing to the respective states. Recent reforms including the Mineral (Auction) Second Amendment Rules, 2025 and the Mineral (Auction) Amendment Rules, 2026 have streamlined timelines and introduced insurance surety bonds as alternatives to bank guarantees, improving bidder flexibility. India has already auctioned 46 blocks in 2025 and identified 24 minerals as critical under the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act), but only 66 mines were operational out of 554 auctioned between 2015-2024, according to a NITI Aayog report (Feb 2026). The push comes amid global supply chain disruptions, especially after China halted rare earth magnet exports in April 2025, highlighting India’s need to reduce dependence on China, which controls 60% of global rare earth mining and 90% of processing capacity.
