India Reaches 60GW Solar Manufacturing Milestone
- India's solar industry is making history, with 60 GW of module manufacturing capacity available in FY 20-21 - a 50x increase! Reaching the government's 500 GW renewable energy target by 2030 is within reach, thanks to high-quality Indian-made solar modules in North America and Europe. The PLI scheme adds 40 GW capacity by FY 24-25, making India a leading global supplier.
India's solar industry has achieved a new milestone of 60 GW in solar module manufacturing capacity. This is an increase from the much lower 10 GW of low-wattage Polysilicon modules in FY 20-21, and is a result of proactive efforts by the government, the MNRE and the private sector to support and promote solar manufacturing. The 500 GW renewable energy capacity target India is aiming for by 2030 will be aided by the high-quality Indian-manufactured solar modules that have already found a receptive market in North America and Europe. In addition to this, the Production Linked Incentive (PLI) scheme will add an additional 40 GW of solar module manufacturing capacity to the country by the end of FY 24-25. With this new capacity, India is increasingly becoming a leading supplier of choice for global solar installations.
What Impact Has India's 60 GW Solar Capacity Had?
- India’s 60 GW solar capacity has made it a leading supplier of choice for global solar installations, with its high-quality modules being in demand in North America and Europe.
- India’s efforts to promote solar manufacturing, such as the Production Linked Incentive (PLI) scheme, have enabled the country to increase its solar capacity from 10 GW to 60 GW in FY 20-21.
- The PLI scheme is expected to add an additional 40 GW of solar module manufacturing capacity to the country by the end of FY 24-25, helping India to reach its goal of 500 GW in renewable energy capacity by 2030.
- India’s increased solar capacity has enabled the country to become an attractive destination for solar investments, with foreign firms increasingly viewing India as a viable and competitive market.
- India’s solar capacity has also provided a boost to the country’s energy security, reducing its dependence on imported forms of energy and allowing it to develop a cleaner and more sustainable power generation mix.