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Budget Boosts Rare Earths: India Eyes Self-Reliance
1 Feb
Summary
- India plans dedicated rare earth corridors in mineral-rich states.
- Corridors will cover mining, processing, research, and manufacturing.
- This aims to reduce reliance on China for critical minerals.
India's finance minister recently proposed targeted support to establish dedicated rare earth corridors in mineral-rich states. These states include Odisha, Kerala, Andhra Pradesh, and Tamil Nadu, chosen for their abundant beach sand mineral deposits.
This initiative expands upon last year's Rs 7,280 crore scheme for manufacturing sintered Rare Earth Permanent Magnets (REPM). The new corridors will serve as comprehensive hubs, integrating the entire value chain of rare earth development, from mining and processing to research and advanced manufacturing.
The development is expected to significantly impact India's engagement with critical minerals. By fostering domestic capabilities, these corridors aim to reduce India's heavy reliance on China for rare earths, which are vital for electronics, renewable energy, electric vehicles, and defense technologies.
