In a major positive development, even as Indian dependence on imported solar modules and cells continues to be significant, the domestic industry's export of the same in the 2019-20 almost doubled from the figure achieved a year before, reports Hindu Businessline.
While in value terms the export of Indian solar cells and modules surged from Rs 847 crore in 2018-19 to Rs 1,506 crore in 2019-20, the volume growth was also robust, rising a remarkable 175 per cent over the same period, from 2.5 million units to 6.9 million units in the same period.
Indian players in the sector, like Adani Power, Tata Power Solar and Waaree have exuded confidence that they can take on the Chinese players in markets abroad if provided with some support.
It should be noted that about a decade ago, India used to export much larger quantum of solar cells and modules in both volumes and value terms.
In 2008-09 when the solar movement was beginning in Europe, India had exported solar cells and modules worth $533 million. However, thereafter the Chinese players gained the foothold in the industry driven by their mega-factories which helped them bring down the prices dramatically, from around $1.2 a Watt-peak a decade back, to $0.18 in the present day.
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