Solar Module Export Rises Rs 8,307 Cr In H1 Of FY 2023-24
India's solar module exports are increasing as a result of the China-Plus-One policy. This worldwide business strategy, which was introduced in 2013, promotes businesses to grow outside of China.
According to rating agency Icra, the value of India's exports of solar cells and modules in the first half of FY24 was Rs 8,307 crore, a considerable rise over Rs 1,453 crore during the same time the previous year.
This trend is helping well-known Indian manufacturers like Adani Enterprises. In Q2FY24, Adani announced a stunning 205 per cent rise in module sales. 405 MW of the 630 MW sold were exported, a large increase over the 75 MW sold in the same quarter the year before.
India's main market for solar module exports is the US, as per industry experts. Significant Indian players now have more opportunities as a result of US import restrictions on Chinese goods. Because of the growing capacity in the US market, it is necessary to keep an eye on the durability of this trend.
According to Crisil, another rating agency, Waaree Energies, another significant operator, estimated a sizable order book of Rs 28,000 crore, with 80 to 85 per cent of orders coming from export markets, including the US, Canada and Europe.
