On February 1, 2026, the Confederation of Indian Industry (CII) praised the Union Budget’s plan to set up dedicated rare earth corridors in Tamil Nadu, Kerala, Andhra Pradesh, and Odisha. CII said these corridors will help mining, processing, research, and manufacturing of rare earth magnets in India. This will reinforce India’s leadership in rare earth magnets and critical minerals, CII added. Union Finance Minister Nirmala Sitharaman announced the budget proposal during her ninth consecutive budget presentation. She mentioned that a rare earth magnets scheme was launched in 2020, and now dedicated corridors will be established in these four states. This move is expected to boost India's position in the global rare earth minerals market.