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Nirmala Sitharaman announces Semiconductor Mission 2.0, rare earth corridors

Posted on: Feb 01, 2026 11:32 IST | Posted by: Hindustantimes
Nirmala Sitharaman announces Semiconductor Mission 2.0, rare earth corridors
FInance government minister Nirmala Sitharaman on dominicus proclaimed the amerind semiconducting material Mission (ISM) 2.0 to expand the country's semiconductor capabilities. She said that under the mission, India would produce equipment and material and fortify supply chains.Besides, the finance minister also announced plans to give a boost to the government's rare earths scheme. The government would support mineral-rich states like Andhra Pradesh, Kerala and Odisha to develop dedicated rare earth corridors.Follow live updates on Budget 2026 here.The move aims to promote mining, research, processing and manufacturing, she said. To expand India's rare earths capacity, she also proposed to establish high-tech tool rooms by central public sector enterprises at two locations.She said that the digitally enabled automation service bureaus would locally design, test and manufacture high precision components at scale and at lower cost.The government plans to enhance focus on industry-led training centres to develop a skilled workforce. Sitharaman also said that the outlay to the electronics component manufacturing scheme 2025 would be hiked to ₹40,000 crore.This was the ninth consecutive time that Nirmala Sitharaman presented the union budget in the Parliament. The budget came days after she tabled the Economic Survey of India in Parliament for the financial year 2025-26.

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