India's Solar Surge: A Decade of Transformative Growth

India's solar capacity has soared with a 38% CAGR over the past decade, now over 60% of its renewable energy portfolio. A shift to self-reliance and record exports underscore India's growing role in global clean energy. The sector's future looks bright with government support and innovation.

India's solar energy sector has witnessed an impressive 38% compound annual growth rate (CAGR) over the past decade, now contributing to over 60% of the nation's renewable energy portfolio, according to a report by Rubix Data Sciences. In the fiscal year 2024 alone, India set a record by adding 24.5 gigawatts (GW) of solar capacity, more than double the installations from the previous year.

The report highlights a significant move towards self-reliance, with solar module imports from China reducing from over 90% in FY2022 to 65% in FY2024. Exports have surged 23-fold, reaching nearly USD 2 billion in FY2024. These changes signal India's rising prominence in the global renewable energy landscape, according to the report.

India's solar sector has rapidly expanded, exceeding the 100 GW installed capacity milestone, placing it among the world's top solar energy producers. Mohan Ramaswamy, Co-Founder and CEO of Rubix Data Sciences, remarked on the remarkable progress, emphasizing India's focus on local manufacturing and innovation as vital steps towards a sustainable future. With robust government support, foreign investment, and technological advancements, India is well-positioned to meet its ambitious clean energy targets, the report concluded.

(With inputs from agencies.)