India's solar module capacity may hit 125 GW by 2029 amid rising energy needs: CRISIL

New Delhi: India is gearing up to become a significant player in the global solar module market by exporting solar modules to other countries by 2029.

According to ANI reports, there will be increase in domestic production of solar modules. In the near future, India could start exporting these modules to other countries. Additionally, India has the potential to become a global leader in solar module manufacturing, supported by a large pool of skilled labour, a growing manufacturing ecosystem, and abundant access to raw materials.

Indian government has introduced several policies aimed at boosting the domestic solar industry. As a result, the report projected that the country's solar module manufacturing capacity is estimated to reach approximately 125 GW by fiscal 2029, according to the report.

The government of India has introduced several policies aimed at augmenting the domestic solar industry.The Indian government has introduced several policies to bolster the domestic solar industry, positioning the country for growth in global markets. As the global demand for solar energy rises, particularly in developing nations, Indian manufacturers see significant opportunities to expand exports. These countries are increasingly investing in solar power to meet their energy needs, making them attractive markets for India's solar modules.

To support this export drive, the Indian government is offering various incentives, helping manufacturers enter new markets with ease. By targeting countries with high demand and relatively low import duties, India is set to unlock substantial growth potential.
Despite these hurdles, the report noted that the country's solar industry  continue to benefit from the current anti-China sentiment which could boost demand for Indian solar modules.

Overall, with government support and a strong manufacturing base, India will not only achieve its energy security goals but also emerge as a global leader in the solar module industry, potentially sparking a new wave of industrial growth in the country.