Indian solar imports rose by 194 per cent in the second quarter of 2021 compared to $259.5 million (~₹18.9 billion) in Q1 2021
Bullish on the growth potential of the solar sector in the country, India’s imports and exports of solar equipment returned to pre-COVID levels in the first half of 2021, as per a Mercom report.
Imports of solar cells and modules upped by a staggering 1,000 per cent in the second quarter of 2021, totalling $762 million (₹56.6 billion) as compared to $69 million (₹5.25 billion) during the same period last year which was severely affected by COVID-19.
Quarter-over-quarter, Indian solar imports rose by 194 per cent in the second quarter of 2021 compared to $259.5 million (~₹18.9 billion) in Q1 2021.
Similarly, solar exports also rose by 151 per cent to $61 million (~₹4.4 billion) year-over-year in Q2 2021, compared to $24 million (~₹1.8 billion) during the same period last year. Exports surged 113 per cent compared to $29 million (~₹2.08 billion) in Q1 2021.
Despite higher component costs and shortages, imports soared 346 per cent in the first half of 2021 compared to the first half of 2020, while exports rose by 50 per cent compared to the same period last year. However, compared to pre-pandemic activity in 2019, imports were slightly lower. Exports, on the other hand, were up by 30 per cent.
The effect of ALMM on imports is expected to show up in the second half of the year, it added.
After the lockdown was announced on March 25th last year, solar construction activity was muted, and solar installations were down to just 3.2 GW in the calendar year 2020, said the report, adding that activity has picked up this year, and the lockdowns were more targeted and managed by states resulting in a lot less disruption in construction and development activity.
