Page 17 - Edelweiss India Conference 2022 FLIPBOOK

New Energy Digital Manufacturing Capital Markets Human Capital

India’s PV modules/inverters/cell manufacturing capacity stood at 10–15GW/5GW/3GW
in FY20. Data by the Ministry of New & Renewable Energy (MNRE) suggests India has nil
manufacturing capacity in polysilicon/wafer/ingots, which is the intermediate processes
prior to PV module manufacturing.

In our view, while it’s a tough ask for 100% indigenisation of backward integration given the
lack of R&D in India, favourable government policies well supported by entry of big private
players in India could alter the landscape gradually. Integrated capacity could dramatically
cut reliance on imports from other countries.

India is heavily reliant on China for imports of solar modules/panels

4,000

3,200

2,400

(USD mn) 1,600 2,817 3,419

800 1,960 1,694
1,180
597 603
0
FY14 FY15 FY16 FY17 FY18 FY19 FY20*

China Germany Malaysia Taiwan USA Others

Source: Edelweiss Research, Ministry of New and Renewable Energy*: Data till Dec-19
India has nil

India’s solar PV manufacturing capacity in FY20 manufacturing capacity
in polysilicon/wafer/
15
10 to 15 ingots, which is the
12 intermediate process
(Capacity in GW) 9 5 prior to PV module

manufacturing
6
3
3
No capacity
0
Solar Solar PV Solar Polysilicon/
PV cells modules Inverters Wafers/Ingots

Source: Edelweiss Research, Ministry of New and Renewable Energy

Edelweiss Securities Limited 15