New Delhi, Feb. 2 -- To counter constrained global supply chains of rare earths, union finance minister Nirmala Sitharaman proposed to support the mineral-rich states - Odisha, Kerala, Andhra Pradesh and Tamil Nadu - to establish dedicated rare earth corridors to promote mining, processing, research and manufacturing. She has also announced customs duty exemption and reduction for various renewable and nuclear energy materials and exemption to the import of capital goods required for processing of critical minerals in India. "I propose to extend the basic customs duty exemption given to capital goods used for manufacturing Lithium-Ion Cells for batteries, to those used for manufacturing Lithium-Ion Cells for battery energy storage systems too. I propose to exempt basic customs duty on import of sodium antimonate for use in manufacture of solar glass," she said while adding, basic customs duty exemption on imports of goods required for nuclear power projects till the year 2035 irrespective of capacity In November last year, the union cabinet approved a 'Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets' with a financial outlay of Rs.7280 crore. This first-of-its-kind initiative aims to establish 6,000 Metric Tons per Annum (MTPA) of integrated Rare Earth Permanent Magnet (REPM) manufacturing in India, thereby enhancing self-reliance and positioning India as a key player in the global REPM market. In her budget speech, Sitharaman had said "Today, we face an external environment in which trade and multilateralism are imperilled and access to resources and supply chains are disrupted. New technologies are transforming production systems while sharply increasing demands on water, energy and critical minerals."P4...