Rare Earth Corridors Scheme: Government support for mining, processing and manufacturing of critical minerals in coastal states

Exam-focused facts from the 2 February 2026 current affairs briefing.

Key facts

Finance Minister Nirmala Sitharaman announced government backing for rare earth corridors in Odisha, Kerala, Andhra Pradesh and Tamil Nadu in Budget 2026 on February 1.
The corridors will integrate mining, processing, research and manufacturing of critical minerals.
Beach sand deposits in these coastal states contain 13.15 million tonne monazite with 7.23 million tonne in-situ rare earth elements oxide and 1.18 million tonne thorium oxide as on January 29, 2026, according to Department of Atomic Energy data.
A scheme for rare earth permanent magnets launched in November 2025 provides an early framework for downstream manufacturing.