750 Billion! Another Great News for the Photovoltaic Market

Recently, the Indian cabinet approved the rooftop solar plan proposed by Indian Prime Minister Modi, which is expected to provide subsidies of up to 750 billion Indian rupees (approximately US$9 billion) to increase rooftop solar installed capacity by 30GW.

In September 2023, Germany, another large photovoltaic market, updated its new policy for subsidies for household photovoltaic storage and charging. The policy is that the maximum subsidy amount for a family can reach 10,200 euros. Now the Indian market is also providing huge subsidies to stimulate the photovoltaic market, once again showing the huge potential of the photovoltaic industry.

As the largest economy in South Asia, the Indian photovoltaic market is developing very rapidly. After maintaining rapid growth in new installed capacity for many consecutive years, it once surpassed Japan and Germany to become the third largest photovoltaic market in the world.

After becoming a major market, India has also taken a fancy to the huge potential of the photovoltaic industry and seeks to become a photovoltaic manufacturing power. On the one hand, trade policies restrict the import of photovoltaic products and support the development of local photovoltaic companies. On the other hand, the construction of photovoltaic power generation projects is encouraged to allow local companies to complete iterative upgrades of product technology.