Markets & Policy

India’s PV module exports surged in fiscal 2023, says ICRA

India exported $1.02 million of solar cells and modules in fiscal 2022-23, and the United States was the top destination, according to ICRA Ltd.

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pv magazine

21 Jul 2023

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Image: ICRA

From pv magazine India

Indian manufacturers exported $1.03 billion of solar cells and PV modules in fiscal 2023. The United States accounted for 97% of all PV module exports from India during this period, supported by higher demand for modules amid restrictions imposed on modules sourced from China.

The significant ramp-up in domestic module manufacturing capacities over the past 18 months has also supported growth in exports.

In fiscal 2023, solar modules accounted for the majority of India’s PV exports. PV cell exports accounted for just 0.1% of the total.

Export demand depends on US restrictions on imports from China and the development of domestic module manufacturing units in the United States under the US Inflation Reduction Act.

Author: Vikram V, vice president and sector head – corporate ratings, ICRA Ltd.

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