New Delhi [India], March 21 : India's solar capacity, over the past decade, has grown at an impressive 38 per cent compound annual growth rate (CAGR), now accounting for over 60 per cent of the country's total renewable energy portfolio, the Rubix Data Sciences said in a report.
In FY2024 alone, India added a record 24.5 GW of solar capacity, more than double the previous year's installations.
The report also highlights a shift toward self-reliance, with solar module imports from China declining from over 90 per cent in FY2022 to 65 percent in FY2024, while exports surged 23-fold, while exports surged 23-fold touching nearly USD 2 billion in FY2024.
These developments underscore India's growing influence in the global renewable energy sector, the report added.
India's solar sector is expanding rapidly, having surpassed the 100 GW installed capacity milestone - an achievement that places it among the world's top solar energy producers.
Commenting on the findings, Mohan Ramaswamy, Co-Founder and CEO of Rubix Data Sciences, said, "India's progress in solar energy is remarkable, as we continue to grow rapidly and expand our capabilities. By focusing on local manufacturing and reducing dependence on imports, we are paving the way for a cleaner, more sustainable future. The opportunities ahead are immense, and we are committed to driving innovation in this exciting sector. The pace and presence of the industry is irrefutable, and with relentless efforts, India is already on its way to becoming a global clean energy leader."
The report added that as India continues to expand its renewable energy capacity, the outlook for the solar sector remains strong.
With increasing government support, foreign investments, and technological advancements, the country is well on track to achieving its ambitious clean energy targets, the report added.
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