According to GTRI, solar imports might reach $30 billion a year as India works towards its 2030 renewable goals.
India increased its solar capacity by 15 GW in 2023–2024 and the total stood at 90.8 GW by September.
Compared to merely 2.8 GW in 2014, this is a substantial increase.
The necessity for India to establish an independent solar manufacturing ecosystem has been underlined by the think tank Global Trade Research Initiative (GTRI).
According to GTRI, the nation has to raise installations to 65–70 GW each year in order to meet the 500 GW target by 2030.
It is anticipated that more than 80% of this capacity will come from solar energy.
China supplied 62.6% of the $7 billion worth of solar equipment that India imported in 2023–2024.
80 per cent of solar modules and 97 percent of polysilicon are produced in China.
Only 15% of India’s solar production is locally value-added. Nearly 90% of the modules are assembled from imported cells.
China continues to be India’s top supplier of solar equipment, with Vietnam, Malaysia, and Thailand coming in second, third and fourth.
