India may reach total solar PV capacity of 50 to 75 GW by 2022 – a little over 60% of the 100 GW target set by the government, reveals India Re CEO Survey 2018 by Bridge to India. Possible reasons for missing the target include the duties threat, falling tariffs, weak power demand and various policy challenges. Total rooftop solar capacity is expected to reach less than 10 GW, which is only about 25% of the target.
Notwithstanding the ongoing safeguard duty investigation and the government’s ‘Make in India' push, the industry is pessimistic about module manufacturing prospects in India. Sixty-one percent of the survey respondents believe that the country will have less than 3 GW of integrated manufacturing capacity by March 2022.
The survey was conducted among top executives of over 40 Indian and international companies. The participants were chosen across the value chain and included equipment manufacturers, project developers, engineering, procurement, and construction (EPC) teams, and financiers.
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