India’s goal of achieving 500 GW of renewable energy by 2030 may lead to an annual solar equipment import bill of around $30 billion, increasing reliance on Chinese products, according to the Global Trade Research Initiative (GTRI).
The think tank emphasized that to develop a self-sufficient solar manufacturing sector in India, substantial investments are necessary to establish an integrated supply chain, particularly in the production of polysilicon and wafers. Without these advancements, India risks continued high import costs and difficulties in achieving its renewable energy objectives.
In the fiscal year 2023-24, India added 15 GW of solar capacity, bringing the total to 90.8 GW as of September, a significant increase from just 2.8 GW in 2014.
As reported by business-standard.com, to reach the government’s target of 500 GW of renewable energy by 2030, the country must accelerate installations to approximately 65-70 GW annually, with solar power expected to account for over 80% of this target, as noted by GTRI.
