Global Trade Research Initiative (GTRI) in its report has said that the country's target of installing 500 GW of renewable energy by 2030 may push solar equipment import bill to about $30 billion per year and increase dependence on Chinese goods. It said developing a self-reliant solar manufacturing industry in India will require significant investment to create an integrated supply chain, especially in areas like polysilicon and wafer production. Without this, India may continue to face high import costs and struggle to meet its renewable energy goals.
GTRI said India installed 15 GW of solar capacity in 2023-24, raising the total to 90.8 GW by September, compared to just 2.8 GW in 2014. To meet the government's target of installing 500 GW of renewable energy by 2030, India needs to significantly ramp up installations to 65-70 GW each year, with over 80 per cent of this target expected to come from solar power. This target seems ambitious, particularly given India's reliance on imports, which could push solar import to $30 billion annually. In 2023-24, India imported $7 billion worth of solar equipment, with China supplying 62.6 per cent. China controls 97 per cent of global polysilicon production and 80 per cent of solar module manufacturing, making it difficult for India or any country to compete due to lower prices from China.
The report said India's solar manufacturing industry is in early stages, with most projects relying on imported ready-to-use modules. During the last fiscal year, ready-to-use solar modules' imports reached $4.4 billion. The country also imported solar cells worth $1.9 billion and $1 billion worth of other essential parts such as inverters, and cables, junction boxes, transformers, and other electrical components needed for solar installations. Local production is import-dependent and mainly focuses on the final two stages. 90 per cent of solar manufacturing in India involves assembling solar modules from imported cells with 15 per cent local value addition. It added that few Indian companies manufacture commercial scale solar cells from imported polysilicon or wafers that add 30-40 per cent value locally and no one produces solar cells from scratch-using silica sands.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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