India is becoming a key player in solar photovoltaic (PV) exports as nations seek alternatives to China for renewable energy supplies. In April-October FY25, India exported $711.95 million worth of PV cells assembled in modules or panels, with 96% of shipments going to the US. The world’s largest economy has increasingly turned away from China for its solar needs.
During the same period, India exported $25 million worth of unassembled PV cells, with 90% of these shipments also headed to the US. In both FY2023 and FY2024, over 97% of India’s solar PV exports were to the US.
India has shifted from being a net importer to a net exporter of solar PV products. A report by the Institute for Energy Economics and Financial Analysis (IEEFA) reveals that export values rose 23 times, reaching $2 billion in FY2024 compared to FY2022.
The report highlights that focusing on the US market helps Indian PV manufacturers achieve economies of scale and improve competitiveness. However, it also stresses the importance of balancing exports with domestic needs while exploring new markets in Europe, Africa, and Latin America.
Electronics Exports Bolstered by PLI Scheme
India’s electronics sector has seen rapid growth, with its share in total exports rising to 7.9% in 2024 from 3.3% in 2014. Electronics exports, including solar panels and smartphones, jumped 27.4% to $22.5 billion in April-November FY25.
The government’s production-linked incentive (PLI) scheme and swift clearances have attracted global companies, driving this growth. Electronics now rank third among India’s top export performers, following engineering products and petroleum.
Experts emphasize that with sustained efforts, India can further strengthen its position as a global manufacturing hub for solar PV products and electronics.
