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Energy
India is set to significantly boost its solar photovoltaic (PV) module manufacturing capacity, aiming to reach a remarkable 125 GW by 2030. Currently, the country stands at an impressive 80 GW. This announcement was made by Union Minister of New and Renewable Energy, Pralhad Joshi, during the inauguration of a state-of-the-art solar cell manufacturing facility in Gujarat. This move aligns with India's strategic plan to enhance its renewable energy footprint and become a leader in the global solar industry.
Over the past decade, India has witnessed a remarkable transformation in its solar PV module manufacturing sector. In 2014, the country had minimal capacity for producing solar PV modules, relying heavily on imports from countries like China. However, with the introduction of significant government incentives such as the Approved List of Models and Manufacturers (ALMM) and the Production Linked Incentive (PLI) scheme, domestic production has surged.
Today, companies like Waaree Energies are at the forefront of this shift, contributing substantially to India's current 80 GW capacity. The planned expansion to 125 GW by 2030 underscores India's commitment to reducing its dependence on foreign imports and positioning itself as a global solar manufacturing hub.
Beyond the specifics of solar PV manufacturing, India is aiming to achieve a broader renewable energy target of 500 GW by 2030. This goal represents a significant increase from the current capacity of 220 GW. As the world's third-largest producer of renewable energy, India's progress in this sector is widely recognized. Minister Joshi emphasized the country's commitment to sustainability, noting that despite having 17% of the global population, India contributes less than 4% to global greenhouse gas emissions.
India is also making strides in green energy technologies beyond solar. The country has issued the world's largest bid for green ammonia and secured a substantial share of export orders for electrolyser and green hydrogen manufacturing. These initiatives highlight India's strategic approach to embracing clean energy sources while supporting global efforts to combat climate change.
The expansion of solar manufacturing is part of a broader strategy to transform India into a global manufacturing hub. By 2032, India's energy demand is projected to double, with a focus on providing electricity connectivity to over 18,100 villages. This growth is supported by policies like the Atmanirbhar Gujarat initiative, which has attracted significant investments and brought numerous industrial units into operation.
Gujarat has emerged as a key state for renewable energy manufacturing, thanks to its business-friendly policies and infrastructure. The inauguration of the Waaree Energies facility in Degam further solidifies Gujarat's position as a development and growth model, attracting investments and driving industrial growth.
As India continues to accelerate its solar PV manufacturing capacity and embrace broader renewable energy goals, the country is poised to become a significant player in the global energy landscape. With a focus on sustainability, technological innovation, and economic growth, India is charting a path that not only aligns with its domestic needs but also contributes to global efforts in combating climate change.
The solar industry in India presents numerous opportunities for investors, manufacturers, and consumers alike. With government incentives and a supportive policy framework, the sector is expected to continue attracting substantial investment. Key trends to watch include:
As the global shift towards renewable energy continues, India's proactive approach ensures a promising future for both its domestic energy needs and its aspirations as a leader in the international renewable energy market.
