- By Akansha Pandey
- Sun, 01 Feb 2026 01:08 PM (IST)
- Source:JND
The Union Budget is being presented in Parliament today. In this budget, Finance Minister Nirmala Sitharaman has made several significant announcements for Odisha, including the development of a Mining Corridor and a Rare Earth Magnet Corridor.
Establishment Of The Rare Earth Magnet Corridor
The Finance Minister announced that a special corridor for rare earth elements, named the Rare Earth Magnet Corridor, will be established across Odisha, Kerala, Andhra Pradesh, and Tamil Nadu.
This strategic move is aimed at reducing India’s dependence on other nations for rare earth metals. Currently, China holds the world’s largest reserves of rare earth elements. By developing this corridor, India aims to challenge China's global dominance in this sector. This initiative builds upon the Rare Permanent Magnet Scheme launched in 2025, further supporting mineral-rich states in their development.
The government will develop Rare Earth Corridors across four coastal states; Kerala, Odisha, Andhra Pradesh, and Tamil Nadu.
— MyGovIndia (@mygovindia) February 1, 2026
These corridors will help India make permanent magnets that are essential for electric vehicles, renewable energy equipment, and defence technology. The… pic.twitter.com/pfnTtLDztn
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Mining Corridor And Infrastructure Development
In addition to the magnet corridor, the Finance Minister announced the creation of Mining Corridors in Odisha, Kerala, and Chhattisgarh. Under this project, the government will focus on building robust infrastructure dedicated to the exploration and extraction of mineral elements. This is expected to streamline mining operations and boost the economic output of these resource-heavy regions.