The Critical Minerals Corridor project mentioned in the Revised Budget for 2026-27 does not involve privatisation but will be implemented jointly by the Central and State governments, Chief Minister V.D. Satheesan said on Wednesday.The project will be implemented through a consortium consisting of Coal India Ltd, Kerala Minerals and Metals Ltd., Travancore Titanium Products, and the Non-Ferrous Materials Technology Development Centre, the Chief Minister informed the Assembly. “There is no mining, only value-addition,” he said, describing the charge that the critical minerals sector would be privatised as a “fabricated tale.”Mr. Satheesan’s clarification on the project, a flagship initiative in the Revised Budget presented on June 19, came as part of his counter to the Opposition LDF’s allegations that the Budget made a strong push for privatisation. The Revised Budget had earmarked ₹100 crore for the Rare Earth and Critical Minerals Corridor.Mr. Satheesan said his government did not intend to privatise any public sector institution. “Is there a single sentence in the Budget that says any public sector institution will be privatised?” he said, adding that the government would transform the Kerala State Road Transport Corporation, Kerala State Electricity Board, and Kerala State Civil Supplies Corporation into profit-making entities.At the same time, the UDF government envisioned a new development model with ‘private partnership’ wherever possible, he said, adding that the State needed investments.On the State’s finances, the Chief Minister said the UDF government intended to fill the treasury without imposing additional tax burden on the people. It would be done through proper financial and tax management, plugging tax leaks and invigorating the economy, he said.Mr. Satheesan also accused the previous LDF government of shifting the debt burden of the Kerala Social Security Pension Ltd, amounting to ₹17,175 crore, on to the new government’s shoulders. The burden of repaying debt accumulated from the payment of 16 months of social security pensions was now on the UDF government, he said. Published - June 24, 2026 09:00 pm IST