The slowdown in demand and the 25 per cent safeguard duty contributed to a reduction of solar cell and module imports in 2018
New Delhi: The Indian solar power sector imported solar modules and cells totaling nearly $2.59 billion (around Rs 184.57 billion) in 2018, a 37 percent decline from the $4.12 billion (Rs 269 billion) recorded during the preceding year, mainly due to demand slowdown and the imposition of safeguard duty.
“The slowdown in demand and the 25 per cent safeguard duty have contributed to a reduction of solar cell and module imports in 2018. It is unclear how long this trend will last,” said Raj Prabhu, Chiefs Executive Officer (CEO) of consultancy firm Mercom.
Exports of solar cells and modules from India also slumped 19 percent to $106.89 million (Rs 7.61 billion) last calendar year as compared to exports of $132.29 million (Rs 8.6 billion) in 2017, latest trade data shows.
In the calendar year 2017, the Indian solar power sector had imported modules and cells totaling $4.12 billion (Rs 269 billion), a 43 per cent increase from $2.88 billion (Rs 194 billion) recorded during the previous year.