INDIA'S GROWING SOLAR EXPORTS
India has mostly been the largest importers of the solar module but has also seen its exports rise 23 times between fiscal year of 2022 and 2024. Due to higher profitability potential, Indian solar module manufacturers have been focusing more on export markets. Among the factors listed for the increase in exports is that other countries are now more concerned to India as a viable option for their "China Plus One" strategy, and domestic PV manufacturers looking to sell their products at a higher premium abroad.
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INDIA'S MODULE OF EXPORTS AND IMPORTS
India's solar module and cell exports have probably grown at a 319.3% three year compounded annual growth rate over FY22-24. In fiscal 2024, the country exported solar modules and cells worth $1,969 million marking a 90.6% annual growth. As per Mercom India Research, India imported solar modules and cells totaling $6,200 million in fiscal 2024, marking a 179% year-on-year increase. The report also noted that it is important for PV manufacturers in India to maintain the balance between the growing of export market with domestic availability.
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