Summary:

According to data from analytics firm Rubix, India's solar cell and module imports saw a notable decline in the first eight months of FY25, with imports dropping by 20% and 57% respectively. This reduction highlights the country's efforts to achieve self-sufficiency in solar manufacturing. Notably, imports from China have significantly reduced. China’s contribution to India’s solar cell imports decreased from over 90% in previous years to 56% in FY24, while its share of solar module imports also fell to 65% during the same period. The Production-Linked Incentive (PLI) scheme has played a key role in reducing reliance on imports. Additionally, capacity expansions by major domestic players like TP Solar (Tata Power’s solar division), Reliance Industries, Waaree Energies, Vikram Solar, Gautam Solar, AdSolar and Rene have further contributed to this downward trend.

However, despite these advances, India still depends on imports for photovoltaic cells and wafers since the country is yet to establish significant domestic wafer production. On a positive note, Indian manufacturers are increasingly focusing on exports. In FY24, the country’s solar module exports were approximately 35 times greater than solar cell exports. Leading companies such as Waaree Energies, Adani Solar and Vikram Solar exported over half of their annual production during this period. Furthermore, firms including Grew Energy, ReNew Power, Navitas, Solex Energy and Saatvik Energy are expanding their global presence. This strategic shift supports India’s commitment to its COP26 goals, aiming to achieve 500 gigawatts (GW) of non-fossil fuel electricity capacity and reach net-zero emissions by 2070. The ongoing growth in domestic manufacturing and export-oriented production marks a significant step towards a sustainable and energy-independent future.

Source: IBEF

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