India’s exports of solar PV modules have been steadily increasing over the past few years. In FY 2021-22, the country exported solar modules worth approximately $83 million.
The figure surged to around $1,969 million in FY 2023-24. As of November 2024, exports for FY 2024-25 have already reached $782 million, according to minister of state for new and renewable energy and power, Shripad Yesso Naik.
USA Emerges as Key Market for Indian PV Modules
The United States has become the primary destination for India’s solar PV module exports. India’s share in the USA’s solar PV imports has grown significantly, rising from 2.2% in 2021 to 9% in 2023.
While China remains the world’s leading PV module exporter, Vietnam, Thailand, Malaysia, and Cambodia account for over 75% of the USA’s annual solar PV imports, as per a report by the Institute for Energy Economics and Financial Analysis and JMK Research and Analysis.
In terms of value, India exported solar PV modules worth $1,939.92 million to the USA in FY 2023-24. In the current financial year (FY 2024-25), exports to the USA have already reached $756.08 million as of November 2024.
Policies Boost Domestic Solar Manufacturing
To enhance the competitiveness of domestic solar PV manufacturers, the Indian government has introduced several initiatives. These include:
*Production Linked Incentive (PLI) Scheme to promote local manufacturing
*Domestic Content Requirement (DCR) for projects supported by government subsidies
*‘Make in India’ preference in public procurement
*Basic customs duty on imported solar PV cells and modules
*Discontinuation of customs duty concessions
*Renewable Energy Research and Technology Development Programme
These measures aim to strengthen India’s solar PV industry and help it compete with other major exporting nations.
Solar Cell Exports Also on the Rise
Alongside PV modules, India has been exporting solar cells as well. In FY 2023-24, the country exported solar cells worth $54.67 million. So far in FY 2024-25 (till November), exports stand at $27.32 million.
The USA remains a key buyer, importing $32.77 million worth of Indian solar cells in FY 2023-24. In the current financial year, exports to the USA have reached $25.09 million as of November 2024.
As reported by pv-magazine-india.com, with strong government support and rising global demand, India’s solar PV exports are poised for further expansion in the coming years.
