India's solar equipment imports estimated to reach $30 billion annually by 2030: GTRI – Obnews
India's solar equipment imports are expected to reach $30 billion annually by 2030.
Research institute Global Trade Research Initiative (GTRI) said in a report on Sunday that this export will increase to meet the country's target of installing 500 gigawatt of renewable energy capacity by 2030. During this period, dependence on China will also increase.
GTRI said that developing a self-reliant solar manufacturing industry in India will require significant investment. Investments will have to be made especially in areas like polysilicon and wafer production.
Without it, India could face higher import costs and struggle to meet its renewable energy targets, GTRI warned.
India set to install 15 GW of solar capacity in 2023-24, taking total capacity to 90.8 GW by September.
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