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Modi state aid to drive India’s solar power

The Indian government is planning to allocate $3.1bn in state aid funding for the development of the country’s solar panel manufacturing industry.

Bloomberg reports that two highly-placed officials have confirmed that Prime Minister Narendra Modi governmeNarendra Modint is to put forward what he calls the Prayas initiative, short for “Pradhan Mantri Yojana for Augmenting Solar Manufacturing.”

The initiative is a central-government plan designed to lift India‘s installed photovoltaic capacity as well as to create an export industry.

Modi wants to raise renewable capacity to 175 GW by 2022 from 45 GW at present.

The Prayas program, part of Modi’s “make in India” campaign, is intended to create 5 GW of solar photovoltaic manufacturing capacity from 2019 and build 20 GW of projects in the country by 2026, according to the officials.

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