India imported solar cells and modules worth $3.52 billion in 2021, up by 641% from the previous year. The Indian solar industry imported solar modules and cells worth nearly Rs $34.65 billion in 2020.
Imports soared as the industry began to recover from the Covid-19 pandemic's negative effects, and delayed projects resumed construction. Exports grew by 58% in 2021, reaching $133.36 million, up from $84.16 million in 2020. With a market share of nearly 90.14% in 2021, China was the largest exporter of solar modules and cells to India, followed by Hong Kong, Malaysia, Thailand, and Singapore with 6%, 1.47%, 0.71%, and 0.65%, respectively. China had an 84% market share in India's solar imports in the Covid-affect 2020. Imports from Vietnam and Thailand accounted for 4.9% and 4.5%, respectively. In 2021, the United States remained India's top solar export market. It had a market share of 75.3% in 2016, compared to 79% in 2020. Somalia, South Africa, Afghanistan, and the United Arab Emirates each accounted for 5.2%, 3.9%, 1.9%, and 1.8% of the total. India's solar imports increased by 63% in the fourth quarter of 2021 compared to the previous quarter. Imports totalled $1.55 billion in Q3 2021, up from $953 million the previous quarter. In comparison to the same period in 2020, the amount represents a 1,287% increase. India's cell and module exports increased by 9% to $23 million in the third quarter, up from $21 million the previous quarter. Exports increased by 219% in the fourth quarter of 2020 when compared to the same period the previous year. With a market share of 89.5% in Q4 2021, China was the largest exporter of solar products to India. With a market share of 39.6%, the United States remained the largest importer of Indian solar components. The Approved List of Models and Manufacturers (ALMM) of solar modules has been updated by the Ministry of New and Renewable Energy (MNRE). Only the models and manufacturers on the ALMM list are allowed to be used in government projects, government-assisted projects, projects under government programmes, open access, and net metering projects in the country, according to the amendment. In the coming quarters, the impact of this policy will be visible in export/import data. Image Source
