India’s solar module exports hit $1.97 billion in fiscal 2023-24


India’s solar module exports were 91% up to $1,969.13 million in fiscal 2023-24. USA was the biggest destination with modules shipments to the nation totalling $1,939.92 million (98.5% of India’s total module exports). Exports to South Africa totaled $4.73 million, as per the data published by India’s Ministry of Commerce and Industry.

India’s solar module imports hit $4,353.51 million in fiscal 2023-24, 361% up from $943.52 million in fiscal 2022-23. China’s shipments to India totalled $2,850.74 million, around 66% of India’s total module imports.

Vietnam was the second largest module supplier to India. Its module shipments to India totalled $935.05 million. Malaysia’s shipments to India stood at $237.99 million.

India’s imports of solar cells not assembled in modules or made up into panels were also significantly up. These reached $1,853.05 million is FY 2024, 41% up in value terms compared to $1,310.28 million in FY 2023.

China remained the largest solar cell supplier to the Indian market. PV cell imports from China almost doubled to $1,035.98 million in FY 2024, from $581.45 million in FY 2023.

Malaysia and Thailand were India’s next two biggest sources for solar cells with their shipments to India totaling $311.81 million and $248.75 million, respectively.




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