03 Jan 2023
This was a very eventful year for solar PV manufacturing as we see the nation took more than 15 years to touch 10 GW of annual commissioning in module manufacturing capacity, taking the cumulative panel capacity to over 30 GW, and started working towards reaching 100 GW.This has happened only because of our government’s focus on energy security, Aatmanirbhar Bharat [self-reliant India], boosting local employment and conserving our forex. Import duty and ALMM [Approved List of Models and Manufacturers] have changed the import-oriented market to domestic manufacturing.On the other hand, we have seen challenges in the deployment of PV projects due to increases in interest rates, exchange rates from USD to INR, commodity prices, and module prices not giving expected returns on projects. So even if [the developers] have a huge number of projects awarded, they have not started work on the ground and therefore deployment is getting delayed. They had expected lower input costs at the time of bidding, but building projects at these prices is not viable today.We saw a higher import of modules in the first three months of 2022. However, a lot of government support through various policies and regulations for solar power made 2022 quite an eventful year overall.
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