India''s solar exports face new U.S. tariff
Recent developments in U.S. trade policy are reshaping the competitive landscape for solar exports—and India finds itself facing new challenges, yet uniquely positioned to seize
Exports from Indian manufacturers have declined in recent quarters due to imposition of the Approved List of Models and Manufacturers (ALMM),” JMK Research & Analytics added. The US is India's main export destination accounting for 97 per cent and 99 per cent of the latter's solar PV module exports in FY23 and FY24, respectively.
The International Renewable Energy Agency (IRENA) in its latest report notes that India is emerging as a major solar PV manufacturing and exporting hub, with domestic solar module manufacturing capacity growing from less than 5 GW in 2018 to more than 68 GW in 2024.
The export of Indian photovoltaic (PV) modules has risen exponentially by more than 23 times between Fiscal Year (FY) 2022 and FY2024, primarily to the US, which accounted for more than 97% of India's exports in both FY2023 and FY2024.
ing PV components domestically.However, this rapid expansion in exports also aises important considerations. With India's increasing PV module production being directed towards foreign markets, there are concerns about meeting domestic demand and achieving the country's ambitio
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