Morning Brief: Incentive Scheme For Rare Earth Processing Units In The Works; CDS Gets Power To Issue Joint Orders To Services; India’s Biggest NBFC IPO Opens Today; And More

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Govt Plans Incentive Scheme for Rare Earth Processing Units

The government is working on an incentive scheme to subsidise rare earth magnet processing units, aiming to reduce India’s heavy dependence on China, heavy industries and steel minister H D Kumaraswamy said on Tuesday (24 June). A decision on the rollout is expected within 15–20 days, and consultations with stakeholders are underway.

Officials said China wants to maintain its monopoly by keeping magnet prices artificially low, even though there is only a 5 per cent difference between raw rare earth oxides and finished magnets. Public sector firm IREL (India) can supply enough raw material to produce 1,500 tonnes of magnets, but converting that into finished product will take about two years, they said. Earlier, businessline had reported that India was finalising an incentive-based manufacturing scheme with a Rs 3,000 crore outlay.

Meanwhile, China continues to block the supply of critical materials and machinery to India, leveraging its dominance over key industrial supply chains.

Read: China Is Choking India’s Factories — And India Has No Quick Fixes 

CDS Gets Power To Issue Joint Orders to All Three Services

In a major military reform, Defence Minister Rajnath Singh has authorised the Chief of Defence Staff (CDS) to issue Joint Instructions and Orders applicable to all three Services, the Army, Navy, and Air Force. The move replaces the earlier practice where each Service had to issue separate directives, and is aimed at fostering greater coordination, reducing duplication, and improving integration.

The first such Joint Order, issued on 24 June, outlines procedures for issuing and numbering cross-Service directives. According to the Ministry of Defence, this reform enhances transparency and operational efficiency, and marks a “new era of jointness” within the Armed Forces. 

India’s Biggest NBFC IPO Opens Today

HDB Financial Services will launch its Rs 12,500-crore initial public offering (IPO) today (25 June), making it the largest-ever public issue by a non-banking financial company (NBFC) in India. The price band is set at Rs 700–740 per share and includes a fresh issue of Rs 2,500 crore along with an offer for sale of up to Rs 10,000 crore by parent HDFC Bank.

The IPO will close on 27 June, and bids can be made for a minimum of 20 equity shares and in multiples thereafter. Ahead of the launch of the IPO, the company raised Rs 3,368 crore from anchor investors. Key participants included LIC, BlackRock, Goldman Sachs Funds, ICICI Prudential MF, and Nippon Life India MF.

Other Developments

Leakages Inflate Welfare Spend By Up To 7 Per Cent

Faulty and duplicate beneficiary data is inflating India’s welfare outlays by 4–7 per cent annually, according to a new Niti Aayog report released Tuesday. The report flagged serious concerns about data quality across government schemes.

The report highlighted that while India’s digital public infrastructure has achieved massive reach—UPI handled transactions worth Rs 23.9 lakh crore in April 2025 and Aadhaar authenticated over 2,700 crore requests in FY25—the real challenge now lies in accuracy and precision. Even a 5 per cent error rate could disproportionately harm the most vulnerable, it noted. Tools such as data-quality scorecards and maturity frameworks were proposed to improve fidelity in government databases.

Election Commission Confronts Rahul Gandhi’s Claims

The Election Commission has invited Leader of Opposition Rahul Gandhi for a meeting to discuss his concerns over electoral processes, following his repeated allegations of irregularities. In a letter dated 12 June, the EC said Rahul Gandhi could either write to them or meet at a mutually convenient time and place.

This comes after Rahul Gandhi again accused the EC of “vote theft” in Maharashtra, citing a sudden 8 per cent spike in voters in CM Fadnavis’s Nagpur constituency. The EC has denied all charges, pointing to the scale of observer oversight and existing checks in the electoral process. It rejected the allegations as unfounded, but said Gandhi was welcome to present any specific evidence or concerns in person.

Indian Railways To Hike Fares After Five Years

After a gap of five years, Indian Railways will implement a marginal hike in long-distance passenger fares starting 1 July. Non-AC Mail and Express train fares will increase by 1 paise per kilometre, while AC class fares will rise by 2 paise per kilometre. Ordinary Second Class fares will remain unchanged for journeys under 500 km, but increase by 0.5 paise per km beyond that distance.

Suburban and monthly season ticket fares will remain unaffected. Additionally, Aadhaar authentication will be mandatory for all Tatkal bookings on IRCTC platforms from 1 July, with OTP-based verification set to begin on 15 July.

Iran’s Nuclear Sites Survived Airstrikes, Says Early US Intel

Early US intelligence assessments suggest that the recent American airstrikes on Iran's nuclear sites failed to destroy the core infrastructure of the program, contradicting President Trump’s claim of having “completely obliterated” them. Iran’s enriched uranium stockpile was likely moved ahead of the strikes, and most centrifuges remain intact. While aboveground structures were damaged, key underground components were not eliminated, a CNN report said.

Despite public declarations of success by Trump, US military officials have cautioned that the strikes may have only delayed Iran’s nuclear progress by a few months. Israeli assessments also suggested less damage than expected at some sites, though they believe the combined US-Israeli strikes set the program back by up to two years. 

From The States

No Quota in Minority Colleges, Says Maha Govt

The Maharashtra government has issued a clarification saying SC, ST, and OBC reservations will not apply to minority colleges, a move aimed at ending the confusion surrounding FYJC (Class 11) admissions. However, even after the announcement, officials continued allocating seats based on the altered seat matrix, casting doubt on whether the first merit list will be released as scheduled on Thursday.

The controversy began earlier this month when the government attempted to extend reservation quotas to minority-run institutions. The proposal triggered opposition from minority college managements. Students and parents were caught in limbo as colleges awaited clarity on the quota policy while the centralised admission system began allotting seats based on the revised matrix.

Karnataka Minister’s ‘No Money Left’ Quip Sparks Political Row

Karnataka home minister G Parameshwara triggered a storm after a video of his comments in Badami went viral, joking that the state government had no money left “after giving rice, dal, and oil.” Speaking at a fire station inauguration on Monday, he urged the local MLA to seek a Rs 1,000-crore package from the Centre, quipping that neither he nor Chief Minister Siddaramaiah had funds.

Following backlash, Parameshwara clarified on Tuesday that his remarks were made in jest and were being misinterpreted. “I never said there is no money. Ours is a record budget,” he asserted. Despite his explanation, opposition leaders seized on the viral clip to question the state’s fiscal situation.

You’re all caught up—until next time.