Solar Imports in India Grew by 47 % In the First Half of FY 2016-17: Mercom Capital

Mercom Capital in its latest report has revealed that Indian solar sector registered import and export activity worth over $1 billion (~Rs.67 billion) in the first half of financial year (FY) 2016-17, compared to $700 million (~Rs.44.5 billion) during the same period in 2015.

The research firm notes that during the six-month period, India exported solar modules and cells worth $52 million (Rs.3.5 billion), and imported modules and cells worth $949 million (Rs.63.5 billion). Exports have increased by 12 percent and imports have grown by 47 percent said Mercom Capital.

Mercom citing developers states that unless India scales up its manufacturing capacity, cost of modules are not likely to come down.

According to the report United Kingdom was the largest importer of Indian solar modules and cells, accounting for 36 percent of India’s total solar exports.

Marcom Capital recently in a report stated that solar energy accounts for almost 1% of total power generated in the country. 5,791.54 million Units of electricity produced in the country during the six-month period from April to September, 2016.