New Delhi, July 28 -- The active participation of state governments in rare earth exploration and processing can significantly contribute to regional economic development and India's self-sufficiency in critical mineral value chains, according to a recent research report by the State Bank of India (SBI).

The report highlighted that critical minerals, including rare earth elements, are essential to modern production due to their unique physical and chemical properties. These properties help reduce energy consumption, support miniaturization of devices, and provide thermal stability.

As a result, rare earth materials have become crucial to industries such as electronics, automotive, construction, and machinery.

It stated, "The active par...