India is expected to become the second-largest solar photovoltaics globally next to
China as 110 gigawatts (GW) of module manufacturing capacity is seen to come online in the next three years, making the country self-sufficient.
In a report, the Institute for Energy Economics and Financial Analysis and JMK Research & Analytics found that India’s total module manufacturing nameplate capacity rose over two-fold to 38GW in March 2023 from 18GW in the same period last year.
“The future of the Indian PV manufacturing sector is bright. The favorable policy environment created by the Indian government is helping the PV manufacturing industry to grow rapidly, which is evident in the frequent announcements of expansions or new investments in the sector,” said co-author Vibhuti Garg, Director, South Asia, IEEFA.