India aims to build 500 GW of renewable energy capacity by 2030, targets to achieve net zero carbon emission by 2070
India has achieved a significant milestone with 60 gigawatts (GW) of installed solar module manufacturing capacity, as reported by the All India Solar Manufacturers Association (AISMA).
According to AISMA, India has escalated its manufacturing capabilities from less than 10 GW of low-wattage polysilicon modules in the financial year 2020–21 to the current 60 GW, encompassing high-wattage and technologically advanced Mono Perc, Topcon, and HJT modules.
Hitesh Doshi, President of AISMA, remarked, "This is indeed a phenomenal achievement for the Indian solar manufacturing sector. Solar energy adoption is a critical component of the clean energy transition, and India's growing leadership in this space will enable the country to play a predominant role in the global renewable energy market."
Aligned with the goal of achieving net-zero carbon emissions by 2070, India aims to establish 500 GW of renewable energy capacity by 2030, with solar energy expected to contribute 300 GW. The growth rate of solar power installations in the country stands at an impressive 30 per cent per annum.
India's high-quality domestically manufactured solar modules have witnessed increased demand in global markets such as North America and Europe. In 2023 alone, Indian solar manufacturers exported 3,900 MW of solar modules, with the potential to expand this to 30 GW annually. This could generate USD 7-8 billion in foreign exchange, marking a shift away from heavy reliance on fossil fuel imports.
Government initiatives, including the Production-Linked Incentive (PLI), have played a pivotal role in ensuring that the country will add an additional 40 GW of module manufacturing capacity by the end of the financial year 2024–25. This strategic expansion emphasises backward integration, contributing to energy security while establishing a reliable supply chain for domestic solar installations, projected to reach upwards of 30 GW per annum.
Currently, India hosts over 100 solar module manufacturers, with the combined capacity of 27 selected module manufacturers reaching 50 GW.