Indian Prime Minister Narendra Modi set ambitious solar targets, India's solar market boomed, and import and export volume increased significantly year-on-year. Not only does India want to increase its domestic solar deployment, it is also committed to building India's self-sufficient industry and serving markets around the world.
The data released by Mercom Capital highlights this trend, with India's solar PV module exports and imports increasing significantly year-on-year.
India's solar cell module exports increased the fastest, from April to July 2015, the export value was 19 million US dollars, and from April to July 2016, it increased to 41 million US dollars, an increase of 116%. The UK has become its main exporter, accounting for 34.1% of India's total solar exports, although the UK's solar market is stagnate on a large scale. The second largest exporter is Italy, accounting for 11.4%, and China’s total exports account for 10.7%, ranking the top three.
During the period from April to July 2016, the number of imported solar modules in India also increased significantly. In terms of growth ratio, imports have no such growth as exports, but in terms of quantity, imports are significantly higher.
During this period, imports increased to $580 million, an increase of 52% from $381 million in the same period last year. Unsurprisingly, China accounts for 82% of total imports. Malaysia ranks second with 12%, while Taiwan ranks third with only 3% of the total.
The Indian government has set a goal to achieve the goal of 100 GW of solar installed capacity by 2022, and India still has a lot to go from this goal.
Raj Prabhu, CEO of Mercom Capital, said: "Developers will have to continue to import cheaper battery components, enhance their competitiveness, and build projects that deliver significant returns."
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