<span>According to the report, the Indian government has introduced several policies aimed at promoting the domestic solar industry. </span>India is set to become an important player globally solar module Market by exporting solar modules to other countries by 2029, according to a report CRISIL,
The report highlights that as domestic production of solar modules is expected to increase, India may start exporting these modules to other countries in the near future. The report emphasizes that India has the potential to become a global leader in solar module manufacturing, supported by a large pool of skilled workers. Growing Manufacturing Ecosystemand abundant access to raw materials.
According to the report, the Indian government has introduced several policies aimed at promoting the domestic solar industry. As a result, the report estimated that the country’s solar module manufacturing capacity It is estimated to reach about 125 GW by FY 2029.
“Domestic demand for solar modules in the same year is estimated to be around 38-42 GW. This means India will have a surplus of solar modules which can be exported to other countries,” the report said.
The report also highlights the growing global demand for solar energy, especially in developing countries, which presents a huge opportunity for Indian solar module manufacturers. Many of these countries are investing in solar energy to meet their growing energy needs, making them major markets for Indian exports.
To support exports of solar modules, the Indian government is providing various incentives, making it easier for manufacturers to enter new markets. By diversifying their exports to countries where demand is high and import duties are relatively low, Indian manufacturers can take advantage of significant growth potential.
However, Indian solar module manufacturers still face challenges. They will have to compete with established players.
“Indian solar module manufacturers need to overcome some challenges, such as competition from China and high import duties in some countries,” the report said.
Despite these hurdles, the report said the country’s solar industry will benefit from the current anti-China sentiment, which could increase demand for Indian solar modules.
Overall, India’s growing solar module manufacturing capabilities and government support position the country as an emerging leader global solar industryThe export potential can not only help India achieve its energy security goals but also boost manufacturing renaissance in the country.
