India’s solar module production capacity will almost double to 36GW in two years from 18GW as of December 2021. Cells production capacity will rise to 18GW by the end of 2023 from just 4GW currently, according to JMK Research analysts.
The analysts estimated the two-year capacity addition based on the announcements by industry leaders or new entrants exploring the market.
The Indian government’s production-linked incentive (PLI) scheme for solar PV manufacturing is acting as a major catalyst for the whole solar industry, according to JMK Research analysts. With a total budgetary layout of INR 24,000 crore, the scheme is expected to incentivize about 40-50GW of module production capacity.
“New entrants in solar manufacturing in India are targeting GW-scale installation capacities as well as upstream integration, in line with what the Government of India (GoI) is trying to achieve with its PLI scheme for solar modules. In the meantime, the relevant industry stakeholders also need to focus on upskilling the workforce, boosting R&D infrastructure, and most crucially, adopting uniform, long-term policies for the Indian solar sector,” stated the analysts.
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