India exported solar modules and cells worth $41 million (~Rs.2.74 billion) from April to July 2016, which was up 116 percent from the same time last year. During that same period India imported modules and cells worth $580 million (~Rs.38.78 billion), which was up 52 percent compared to the same four-month period (April-July) of 2015.

China is the single largest exporter of solar modules and cells to India, accounting for 82 percent of India’s total solar imports. Malaysia is the second largest exporter to India, accounting for a 12 percent share of India’s overall imports. Currently, the United States accounts for only 1 percent of India’s total solar imports and it remains to be seen if imports from U.S. will increase after the recent ruling from the World Trade Organization (WTO) is enforced, which found India’s domestic content requirement discriminatory against U.S. manufacturers.

The United Kingdom imported the largest amount of Indian solar modules and cells, accounting for 34.1 percent of India’s total solar export. Italy accounts for 11.4 percent of India’s solar exports and is closely followed by China with 10.7 percent.

According to Mercom’s India Solar Project Tracker, cumulative installations in India total 8.6 GW.

“In order to reach the goal of installing 100 GW by 2022, developers will have to continue importing cheaper cells and modules to be able to compete in hypercompetitive auctions and build projects that yield decent returns,” said Raj Prabhu, CEO of Mercom Capital Group.