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Date: 22/10/2024

Solar equipment import bill seen at $30 bn per year to meet 2030 target, says GTRI

India’s target of installing 500 GW of renewable energy by 2030 may push the solar equipment import bill to about $30 billion per year and increase dependence on Chinese goods, according to the latest report from Global Trade Research Initiative (GTRI). It said developing a self-reliant solar manufacturing industry in India will require significant investment to create an integrated supply chain, especially in areas like polysilicon and wafer production. Without this, India may continue to face high import costs and struggle to meet its renewable energy goals. To meet the government’s target of installing 500 GW of renewable energy by 2030, India needs to significantly ramp up installations to 65-70 GW each year, with over 80% of this target expected to come from solar power, as per a report.

Source: Exim News Service: New Delhi, Oct. 21