Budget 2026: Odisha, T.N., Andhra, Kerala to get dedicated rare earth corridors to promote research and mining

admin — Sun, 01 Feb 2026 06:20:00 +0000

Union Finance Minister Nirmala Sitharaman proposed to support the mineral-rich states of Odisha, Kerala, Andhra Pradesh, and Tamil Nadu in establishing dedicated rare-earth corridors. Image used for representative purpose only.
| Photo Credit: Reuters

Union Finance Minister Nirmala Sitharaman proposed to support the mineral-rich states of Odisha, Kerala, Andhra Pradesh, and Tamil Nadu in establishing dedicated rare-earth corridors, to push to secure India’s supplies of rare earth magnets.

Ms. Sitharaman was presenting her ninth consecutive Union Budget for the April 2026 to March 2027 in the Parliament on Sunday (February 1, 2026).

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The move comes as India looks to reduce its dependence on China for rare-earth minerals. Two of the four states, Tamil Nadu and Kerala, are set to go to Assembly elections in 2026.

Speaking in the Lok Sabha, Ms. Sitharaman said, “A scheme for rare earth permanent magnets was launched in 2025. We now propose to support the mineral-rich states of Odisha, Kerala, Andhra Pradesh, and Tamil Nadu in establishing dedicated rare-earth corridors to promote mining, processing, research and manufacturing.”

In November 2025, the Union government approved a new “first-of-its-kind” scheme to manufacture Rare Earth Permanent Magnets (REPM) in India, with a financial outlay of ₹7,280 crore.

The ‘Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets’ aimed to establish 6,000 metric tonnes per annum (MTPA) of integrated Rare Earth Permanent Magnet (REPM) manufacturing in India.

Finance Minister #NirmalaSitharaman will present her ninth Union Budget in Parliament today (February 1, 2026) — the first time in India’s history that the Budget is being presented on a Sunday.

Did you know? She also holds the record for the longest Budget speech, speaking for… pic.twitter.com/XlhnNoDoDm

— The Hindu (@the_hindu) February 1, 2026

The total financial outlay of the scheme of ₹7,280 crore was to comprise a sales-linked incentives of ₹6,450 crore on REPM sales for five years and a capital subsidy of ₹750 crore for the setting up of an aggregate of 6,000 MTPA of REPM manufacturing facilities.

Published – February 01, 2026 11:50 am IST

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Public inputs sought for Income Tax Act review

admin — Mon, 07 Oct 2024 11:57:06 +0000

Photo used for representation purpose only.
| Photo Credit: Getty Images/iStockphoto

As part of the comprehensive review of the Income Tax Act announced by Finance Minister Nirmala Sitharaman in the Budget, the Central Board of Direct Taxes (CBDT) on Monday (October 7,2024) invited inputs and suggestions from taxpayers and the public at large.

These ideas may be taken up by an internal committee of the Income Tax Department that has been formed to oversee the review of the 1961 law. “The goal is to make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers,” the CBDT said about the remit of the review that is to be completed in six months as per the time line set in the July 23 Budget speech.

Public inputs, that can be submitted through the e-filing portal for taxpayers, have been sought under four categories – language simplification, litigation reduction, compliance reduction, and redundant or obsolete provisions.

Published – October 07, 2024 05:27 pm IST

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Union Budget speech – Artifex.News

Budget 2026: Odisha, T.N., Andhra, Kerala to get dedicated rare earth corridors to promote research and mining

Public inputs sought for Income Tax Act review