Imports of photo voltaic modules in India decreased by 64% in Q3 2022 in contrast with the prior quarter while cell imports elevated by the identical quantity, in response to consultancy JMK Analysis. The lower is as a result of introduction of a 40% fundamental customs obligation (BCD) on imported photo voltaic modules.
The BCD got here into impact in April this 12 months, imposing a 40% obligation on module imports and 25% on photo voltaic cells in efforts to encourage home manufacturing and scale back dependence on imports.
In tandem with the BCD, the Indian authorities introduced a brand new spherical of its Manufacturing Linked Incentive (PLI) scheme to develop its homegrown PV manufacturing. The second tranche of the PLI aimed to develop 65GW of producing capability with monetary incentives.
In February, following the federal government’s funds announcement relating to home PV manufacturing, PV Tech Premium spoke to specialists in India who stated that the BCD would have a extra drastic impression in increasing India’s manufacturing capability than the PLI would.
There was a flurry of PV manufacturing information in India within the second half of 2022. In October, Mondragon Meeting introduced that it might construct an automatic PV manufacturing facility within the nation, able to producing 2,000 modules a day. The identical month, Waaree Energies efficiently raised US$120 million to develop its PV module manufacturing to 9GW.
Waaree is without doubt one of the corporations included within the Indian authorities’s ‘Authorised Listing of Fashions and Producers’ (ALMM), which was designed to benchmark domestically manufactured photo voltaic merchandise and encourage the Indian manufacturing market. The ALMM not too long ago surpassed 18GW in capability.
The analysis from JMK additionally stated that quarterly exports elevated in contrast with the earlier quarter’s figures – cell and module exports elevated by 57% and 524%, respectively.
General, utility-scale photo voltaic has been the dominant addition to India’s vitality capability. Mercom Capital Group stated this week that photo voltaic installations in India have been up 35% within the first three quarters of the 12 months, regardless of the frequently rising value of photo voltaic tasks.
JMK discovered that 2.8GW of utility-scale and 400MW of rooftop photo voltaic have been added within the three months from July to September.
Rooftop photo voltaic noticed a year-on-year drop off of 34% in contrast with January-September of 2021, with round 1.3GW of recent capability added. An October evaluation by JMK stated that the rooftop sector would see a 60% capability development by the top of the 2023 fiscal 12 months.
JMK forecasts that India will add 13.6GW of photo voltaic this 12 months, the overwhelming majority of which will likely be via utility-scale tasks.
As of September 2022, India’s complete photo voltaic capability sits at over 60GW, with a 58GW capability utility-scale pipeline, in response to Mercom Capital Group.
