Home News Top News Government plans $3.1 billion boost for India’s solar factories

    Government plans $3.1 billion boost for India’s solar factories

    Production of Solar Photovoltaic Modules

    The Central Government is planning a 210 billion-rupee ($3.1 billion) package of state aid for India’s solar panel manufacturing industry. 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. Prime Minister, Narendra Modi wants to raise renewable capacity to 175 gigawatts by 2022 from 45 gigawatts at present. India wants to emulate industrial developments in neighboring China, where solar manufacturers have created a world-leading export industry. The Prayas program, part of Modi’s “make in India” campaign, is intended to create 5 gigawatts of photovoltaic manufacturing capacity from 2019 and build 20 gigawatts of projects in the country by 2026. s. The policy is being developed by the ministry in charge of renewable energy and industrial policy, along with the Niti Aayog government research group. The policy will be presented to the Finance Ministry within a month before going to the cabinet for final approval. India has become one of the biggest clients of Chinese photovoltaic manufacturers and in the absence of its own domestic capacity that dependance could potentially grow. India’s policy proposal, expected to create thousands of jobs is also in response to the industry’s demand for help to the country’s solar manufacturers.

    Source: bloombergquint.com
    Image source: xlenergy.co


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