Trump's solar tariffs: How high is India's dependence on US for solar exports?
India Today
Indian solar companies get subsidies, which makes their products cheaper. This allegedly hurts competition — but only for American companies.
If US President Donald Trump’s reign will be remembered for one thing, it will be tariffs. Doing business with Trump’s competitors? Punitive tariffs. Not aligned with US policies? Tariffs. Protested tariffs? Get even more tariffs. And now, if a government provides subsidies to indigenous companies, the prize is extra tariffs.
Trump slapped a 126 per cent tariff on solar imports from India. The reason cited: Indian solar companies get large subsidies, which make their products cheaper and allegedly hurts competition — only for American companies, of course. This move has predictably impacted the market.
While the Nifty 50 grew 0.4 per cent in the last five trading sessions, Vikram Solar dipped by a massive 18 per cent, Saatvik Green Energy slipped 8.6 per cent, Waaree Energies fell 5.9 per cent, and Premier Energies slid by 4.4 per cent.
This new US tariff hurts different products differently, based on exposure and dependence in the US market. India’s solar exports are almost entirely dependent on the US market.
Of the USD 2,023.8 million worth of India’s overall solar cells and modules exports, 97 per cent or $1,972.7 million went to the US. The proportion has been the same since the financial year 2023, according to the Ministry of New and Renewable Energy.
India is steadily marching ahead in solar power. From only a 10.3 per cent share in India’s overall power capacity in January 2021, the share of solar surged to 27 per cent by January 2026, according to the Central Electricity Authority.
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