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India to become leading solar PV exporter to US: Report
Industry News- Nov 19,24
The report underscores that the Inflation Reduction Act (IRA) has provided a solid framework for renewable energy investments, particularly in solar energy, which has grown to 178 GW in 2023 from 15 GW in 2013.
India is emerging as a key player in the US renewable energy sector, with its robust manufacturing capabilities, cost competitiveness, and skilled STEM workforce, according to a report by ValueQuest Investment. The report highlights India's potential to overtake Southeast Asian nations as the primary solar PV exporter to the US, as the latter seeks to reduce dependence on Chinese supply chains.
India's reliable supply chain, cost advantage compared to Southeast Asia and Mexico, and large-scale manufacturing base position it as an attractive partner for the US. The report underscores that the Inflation Reduction Act (IRA) has provided a solid framework for renewable energy investments, particularly in solar energy, which has grown to 178 GW in 2023 from 15 GW in 2013.
While the report acknowledges challenges in altering the IRA under the current US administration, it notes the law’s firm legislative foundation. Any significant changes would require congressional approval, making it difficult to reverse.
The geopolitical climate, marked by anti-China sentiment, offers India additional opportunities to strengthen trade ties with the US. Leveraging its established relationships in industries like software and pharmaceuticals, India is well-positioned to expand its footprint in renewable energy collaboration.
Several Indian companies have already begun setting up manufacturing facilities in the US, aiming to benefit from tax credits tied to renewable energy production. This strategy mitigates risks and aligns with India's growing role in supporting US energy goals.
By capitalising on this partnership, India and the US can collectively drive renewable energy advancements, address climate change, and promote sustainable development.
(TOI)
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