India's solar module exports reach $782 million in April-November 2024

India's exports of photovoltaic (PV) modules have been growing steadily in recent years. in the fiscal year 2021 - 2022, the country exported about $83 million worth of modules, and by the fiscal year 2023 - 2024, this figure increased to $1.97 billion.

Minister of State for New and Renewable Energy Shripad Jethro Naik told the Parliament that during April-November 2024, exports amounted to around $782 million.

Citing a report by the Institute for Energy Economics and Financial Analysis (IEFA) and JMK Research, Naik said the US market remains India's largest export destination for PV modules, with its share of US imports rising from 2.2% in 2021 to 9% in 2023. While China leads global PV module exports, Vietnam, Thailand, Malaysia and Cambodia account for more than 75% of US solar imports.

India's module exports to the U.S. totaled $1.94 billion in the 2023 - 2024 fiscal year and $756.08 million in the April - November 2024 period.

Naik said government policies - including the Production Linkage Incentive (PLI) program, domestic content requirements, sourcing preferences for locally manufactured modules, and import tariffs on photovoltaic cells and modules - are designed to strengthen domestic manufacturers and increase their competitiveness relative to other exporters. to strengthen domestic manufacturers and increase their competitiveness vis-à-vis other exporting countries.

India also exported solar cells worth USD 54.67 million in FY 2023 - 2024, USD 27.32 million in April-November 2024, and USD 32.77 million and USD 25.09 million to the US market.