Last year was transformative for India’s solar industry, witnessing installations skyrocketing by 145%—from 12.5 GW in 2023 to an unprecedented 30.7 GW in 2024. This upsurge was driven by a host of critical factors:
Key Contributors:
Domestic Manufacturing Push: The government prioritized Made-in-India solar components and batteries, reducing dependence on imports.
Robust Policy Framework: The Ministry of Power and MNRE’s frequent updates to grid codes, pricing, and incentives emboldened both developers and investors.
Market Expansion: Major corporates and distribution companies embraced solar not just for compliance, but to hedge against volatile fossil fuel prices.
Quality Standards: New specifications for solar inverters and PV modules ensured projects delivered both reliability and efficiency.
Challenges and Outlook:
Despite a temporary YoY dip in Q1 2025 (due to logistical bottlenecks and global supply chain disruptions), India remains steadfast in its green transition. The long-term vision involves integrating storage and hybrid renewable systems, crucial for maintaining grid stability as solar’s share continues to grow.