India’s solar energy sector has expanded exponentially in the past decade, with a 38 percent compound annual growth rate (CAGR). As per a report by Rubix Data Sciences, it now accounts for more than 60 percent of the nation’s renewable energy sector.
India is said to have booked a record 24.5 gigawatts (GW) of solar capacity in FY2024, twice the previous year. The feat is evidence of India’s rapid transition towards clean energy as well as towards indigenization.
Decline in Chinese Imports
The trend most evidently noted in the report is the growth of independent solar module production. Indian reliance on Chinese solar imports decreased from more than 90 percent in FY2022 to 65 percent in FY2024. This increased 23 times to a near USD 2 billion in FY2024, though. This is an indication of India’s growing status as a global player in the international renewable energy sector.
India’s Position as a Solar Giant on the International Scene
India has surpassed the 100 GW installed solar capacity threshold and is one of the leading solar power generators in the world. This is because the government was keen to be a clean energy country and limit the emission of carbon.
India’s solar revolution is eye-opening, as we are increasing at the rate of knots and building our capabilities, said Mohan Ramaswamy, Co-Founder and CEO, Rubix Data Sciences. By focusing on local manufacturing and reducing imports, we lay the foundations for a cleaner, greener future. The future is full of gigantic possibilities, and we are excited to power innovation in this promising space.
Bright Future for India’s Solar Industry
The report predicts a rosy future for India’s solar sector on the strength of increasing government support, foreign investment, and technological innovation. With a good policy framework and sustained industry initiatives, India can become a clean energy leader in the world.
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