India to set up rare earth corridors

The Indian government announced plans to create special paths called rare earth corridors in four states: Odisha, Kerala, Andhra Pradesh, and Tamil Nadu.

These corridors will help in mining, processing, research, and manufacturing of rare earth elements, which are important for things like electric cars, electronics, renewable energy, and defense systems.

The government wants to do this because China, which controls most of the world's rare earth processing, has made it harder to get these materials.

India has a lot of rare earth deposits but doesn't produce much right now.

The government also approved a big budget to help make more of these magnets in India.

Some companies' shares went up or down after this announcement.

The budget also includes exemptions on customs duties for importing equipment needed for processing these minerals, which will help India make more of these important materials at home.