India’s exports of solar photovoltaic (PV) products have surged 23 times to 2 billion US dollars in the last two years. A report by Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research & Analytics, says, the growth was made during the fiscal year 2022 to 2024.

The report says this marks significant progress in India transitioning from a net importer to a net exporter of solar products.

Among the factors listed for the increase are India being considered a viable option for the country’s “China Plus One” strategy, and domestic PV manufacturers looking to sell their products at a higher premium abroad.

The report says the US has emerged as a key market for Indian solar PV exports with more than 97 per cent share in financial years 2023 and 2024.

The report estimated that annual module production by Indian solar PV manufacturers will be 28 gigawatts in the financial year 2025 and 35 gigawatts in 2026.