In 2024, India’s solar PV exports have witnessed explosive growth. Data reveals that in September alone, solar module exports amounted to INR 378.0725 million. For the first nine months of this year, total solar PV exports exceeded INR 11,147.6148 million, with solar modules accounting for INR 10,927.5972 million and solar cells for INR 220.0176 million. The United States, as the largest buyer of Indian solar modules, has played a pivotal role in driving this export growth.
However, India’s domestic solar cell production remains limited and less competitive. To address this issue, the Indian government implemented the Approved List of Models and Manufacturers (ALMM) policy on April 1, 2024. This policy aims to prioritize the provision of locally manufactured solar panels for government projects and plans to include solar cells by April 2026.
The ALMM policy has not only prompted local manufacturers to increase production but also enhanced the international competitiveness of Indian solar products. Nevertheless, solar project developers remain concerned that limited supply may lead to price hikes, posing a challenge to the further development of India’s solar market.
Globally, the solar market is undergoing significant changes. Several countries have imposed tariffs on Chinese solar modules, creating new opportunities for Indian manufacturers. Meanwhile, the growing global demand for solar panels has opened up new avenues for India to expand its exports.
