India is set to achieve 110 GW of solar PV module capacity by the fiscal year 2026, with 72 GW of new manufacturing capacity coming online in the next three years, according to a report by the Institute for Energy Economics and Financial Analysis and JMK Research & Analytics. The report highlights the need for policy stability to sustain investor confidence in the market and to compete with China in both quality and scale in the global PV module market. The production-linked incentive scheme has been identified as a key driver in expanding the PV manufacturing ecosystem in India, but the report also notes that the domestic industry is held back by over-reliance on Chinese imports for upstream components. The report recommends that the government expand the PLI scheme to include additional upstream components, PV equipment machinery, and ancillary components to enable more comprehensive development of the PV manufacturing ecosystem.
©️ Vygr Media Private Limited 2022. All Rights Reserved.
