New Delhi, Feb. 1 -- Building on its Rs.7,280-crore incentive package for manufacturing rare-earth magnets in India, the Centre will create four rare-earth mineral corridors in Odisha, Kerala, Andhra Pradesh, and Tamil Nadu, Union finance minister Nirmala Sitharaman said in her Budget 2026 speech.

The Budget 2026 announcement follows the Union cabinet's approval of a Rs.7,280-crore fund to support the domestic production of rare-earth magnets. The fund will back the establishment of five manufacturing plants and provide sales-linked incentives for every kilogramme of magnets sold.

India has one of the world's largest rare-earth deposits, estimated at about 6.9 million tonnes.

However, the manufacturing of rare-earth magnets is an energ...