Industry body CII on Sunday welcomed the union budget proposal to establish dedicated rare earth corridors in Tamil Nadu, Kerala, Andhra Pradesh, Odisha stating it would help India’s leadership in rare earth magnets. The budget proposal towards establishment of Rare Earth Corridors would help promote mining, processing, research and manufacturing and thus help build India’s leadership in rare earth magnets and critical minerals, CII said in a statement on Sunday. While presenting her ninth consecutive budget, Union Finance Minister Nirmala Sitharaman said, a scheme for rare earth magnets was announced in 2020 and a dedicated rare earth corridors would be established in the four states.
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