Summary:

India's solar module industry is poised for significant growth between FY24 and FY30, driven by robust local demand with annual production projected at 50-55 GW. Increased output is expected to lead to oversupply by FY25, creating export opportunities. In FY24, India exported seven GW, accounting for 50% of production, but as domestic consumption rises, the export share may decline to 25-32% by FY30, further improving the export-import balance.

The reintroduction of the Approved List of Models and Manufacturers (ALMM) in FY25 and rising nameplate capacity are expected to significantly reduce India’s import dependency, with reliance on solar module imports projected to drop from 59% in FY24 to 5-10% by 2030. While enhanced domestic production will lower dependence on imported cells, critical components like polysilicon, wafers, and cells will still need to be imported. Increased production capacity and supportive policies aim to strengthen India's global presence and achieve sustainable energy goals.

Source: IBEF

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