In summary, in 2023 with continued government support and underlying long-term market drivers, we can expect higher levels of technology development, deeper engagement between renewable energy consumers and generators, and higher levels of investment in the country.
2022 was a mixed year for renewables, especially in the Commercial & Industrial segment. Solar was responsible for the largest capacity addition in renewable energy this year, but as per Central Electricity data, both solar and wind capacity additions, will fall short of the 2022 targets. This shortfall is not surprising given the current flux in the market, especially solar. In April, the Indian Government imposed a 40% customs duty on solar modules and a 25% duty on solar cells with a focus on promoting domestic manufacturing. The move has resulted in a slowdown in the short run but will help create a more sustainable industry in the long run, which will be less dependent on imports. In 2023, we will see further scaling-up of domestic module manufacturing capacity to keep pace with the domestic and international markets.
