Budget 2026: India's Rare Earth Corridor to Cut China Dependence, Boost Manufacturing
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Budget 2026: India's Rare Earth Corridor Push to Cut China Dependence, Boost Manufacturing
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CNBC TV18•06-02-2026, 08:43
Budget 2026: India's Rare Earth Corridor Push to Cut China Dependence, Boost Manufacturing
•Budget 2026 proposes rare-earth corridors in Odisha, Tamil Nadu, Kerala, and Andhra Pradesh for mining, processing, and refining critical minerals.
•The initiative aims to reduce India's reliance on China for critical minerals essential for EVs, electronics, defense, and space technology.
•An allocation of ₹3806.45 crore to the Ministry of Mines, with a sharp increase in revenue allocation for fiscal 2027, signals a strong push into critical minerals.
•Exploration efforts will extend to mineral waste, coal mines' overburden, and the petroleum sector to extract more rare earth elements (REEs).
•India is exploring alternative sourcing from countries like Australia, Argentina, Brazil, and Chile to hedge supply chain risks and achieve self-reliance under the National Critical Minerals Mission (NCMM).
