India’s solar capacity has grown at an impressive rate of 38 percent compound annual growth rate (CAGR) over the past decade, now representing over 60 percent of the country’s total renewable energy portfolio, according to a report by Rubix Data Sciences.
In FY2024 alone, India added a record 24.5 GW of solar capacity, more than doubling the previous year’s additions. The report also points to a growing trend towards self-sufficiency, with solar module imports from China dropping from over 90 percent in FY2022 to 65 percent in FY2024. Meanwhile, India’s solar exports surged by 23 times, reaching nearly USD 2 billion in FY2024.
These developments highlight India’s rising role in the global renewable energy landscape, the report states. India’s solar sector has grown so rapidly that it has now surpassed the 100 GW milestone, positioning the country as one of the world’s leading solar energy producers.
Mohan Ramaswamy, Co-Founder and CEO of Rubix Data Sciences, commented on the findings, saying, “India’s progress in solar energy is remarkable, with rapid growth and expanding capabilities. By focusing on local manufacturing and reducing our dependence on imports, we are paving the way for a cleaner, more sustainable future. The opportunities ahead are vast, and we are committed to driving innovation in this dynamic sector. The growth and momentum of the industry are undeniable, and with continued effort, India is well on its way to becoming a global leader in clean energy.”
The report also noted that India’s solar sector outlook remains strong as the country continues to expand its renewable energy capacity. With increasing government support, foreign investments, and technological advancements, India is on track to meet its ambitious clean energy goals.
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