Economics
Modi Said to Plan $3.1 Billion Boost for India’s Solar Factories
- India plans 5 gigawatts of solar manufacturing capacity
- Plans to tender for capacity in 210 billion-rupee program
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Prime Minister Narendra Modi’s government is planning a 210 billion-rupee ($3.1 billion) package of state aid for India’s solar panel manufacturing industry, according to two officials.
The so-called Prayas initiative, short for “Pradhan Mantri Yojana for Augmenting Solar Manufacturing,” a central-government plan designed to lift India’s installed photovoltaic capacity as well as to create an export industry, according to two senior government officials with direct knowledge of the plan. They asked not to be identified because the policy isn’t yet public.