India’s exports of solar PV modules have steadily risen over the last few years. In FY 2021-22, the nation exported PV modules worth around $83 million, which rose to around $1,969 million in FY 2023-24. In FY 2024-25 till Nov. 2024, India has exported solar PV modules worth around $782 million, minister of state for new & renewable energy and power, Shripad Yesso Naik, said in the parliament recently.
Majority of India’s solar PV module exports go to the USA, and India’s share in USA’s solar PV imports has increased over the past few years. Between 2021 and 2023, this share grew more than fourfold, from 2.2% to 9%. While China is the leading PV module exporter globally, Vietnam, Thailand, Malaysia and Cambodia make up over 75% of the USA’s annual solar PV imports, shared the minister quoting a report by the Institute for Energy Economics and Financial Analysis and JMK Research and Analysis.
In value terms, India’s module exports to USA stood at $1,939.92 million in FY 2023-24 and $756.08 million in FY 2025 till Nov. 2024.
The minister shared that government initiatives such as Production Linked Incentive (PLI) Scheme, domestic content requirement (DCR) for projects supported with government subsidies, preference to ‘Make in India’ in public procurement, basic customs duty on import of solar PV cells and modules, discontinuation of customs duty concessions, and Renewable Energy Research and Technology Development Programme are envisaged to make domestic solar PV manufacturers globally competitive and help them in competing with other solar PV exporting countries.
India also exported solar cells worth $54.67 million in FY 2023-24 and $27.32 million in FY 2025 till Nov. 2024. Exports to USA were worth $32.77 million in FY 2023-24 and $25.09 million in FY 2025 till Nov. 2024.
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