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The government is planning to launch Rs 210 billion (USD 3.1 billion) policy for solar panel manufacturing industry, a report in Economic Times says.

The plan called Prayas Initiative, short for Pradhan Mantri Yojana for Augmenting Solar Manufacturing, is aimed at creating an export market for the industry and developing photovoltaic (PV) capacity.

The project will seek to create 5 GW of PV manufacturing capacity from 2019 and has a target of 20 GW projects by 2026, media report says.

The policy will be presented to India’s finance ministry within a month, Bloomberg reports.

India has set a target to push its renewable capacity to 175 GW by 2020 from current level of 45 GW. To meet this objective, the government will need to invest nearly USD 200 billion, a research by Bloomberg reveals.

Power Minister Piyush Goyal last month had said that a policy for solar manufacturing industry is underway.

India is one of the largest buyers of Chinese OV manufacturers. In the first six months of 2016, the country imported 18 percent of Chinese production worth USD 1.1 billion, Bloomberg reports.