India Added 25.3 GW of Solar Module Growth in 2024
April 09, 2025 – In calendar year (CY) 2024, the country added 25.3 gigawatts (GW) of solar module and 11.6 GW of solar cell capacity, according to Mercom’s recently released State of Solar PV Manufacturing in India 2025 report.
Manufacturing capacity additions in 2024 were primarily driven by demand for the solar project pipeline and the reimposition of the ALMM order from April 2024.
The top 10 manufacturers accounted for over 54% of the module and almost 100% of cell production capacity as of December 2024.
About 80% of the installed module manufacturing capacity was equipped to manufacture solar modules in M10 and G12 wafer sizes. Approximately 64.6 GW of the total module production capacity was listed under the ALMM order, as per the updated List–I issued by the MNRE as of January 6, 2025.
Monocrystalline modules, with or without Passivated Emitter and Rear Cell (PERC) technology, accounted for almost 59% of the country’s module production capacity, followed by Tunnel Oxide Passivated Contact (TOPCon) modules, polycrystalline modules, and thin-film modules.
Based on the current pipeline, TOPCon modules are anticipated to account for over 58% of the annual module production capacity and over 64% of the cell production capacity by 2027, followed by monocrystalline, Heterojunction (HJT), and other technologies.
“While India’s solar capacity additions have been impressive, the availability of domestically made modules and cells still lags. Average selling prices remain high, sourcing is a challenge, and now the new U.S. tariffs have added more uncertainty. For India to achieve its 280 GW solar target by 2030, it must address these bottlenecks and align its manufacturing capacity expansion policies with its development goals. For manufacturers, relying on exports as a growth strategy is looking increasingly risky right now,” said Raj Prabhu, CEO of Mercom Capital Group.
Gujarat was the most preferred location for installing photovoltaic (PV) manufacturing facilities, with 42% of the country’s module capacities located in the state. As of December 2024, Gujarat accounts for over 37% of the country’s annual solar cell production capacity, the highest in the country.
Tamil Nadu and Rajasthan were the other top states, accounting for over 10% and over 8% of the country’s solar module production capacity, respectively. Karnataka and Tamil Nadu were second and third, with solar cell production units contributing to over 18% and 12% of the country’s total capacity, respectively.
Various public sector and government entities issued tenders totaling 9.9 GW to procure solar modules in 2024, representing an increase of over 6% YoY. In 2024, 1.7 GW of module and 11.3 MW of cell supply auctions were concluded.
In 2024, a total of 65.9 GW of solar modules and cells were imported. Modules accounted for over 36% of the imports, while cells made up nearly 64%.
In 2024, domestic manufacturers exported 4.5 GW of solar modules, representing a 6% decrease from the 4.8 GW exported in 2023.
Key Highlights from the Report:
- India added 25.3 GW of solar module capacity and 11.6 GW of cell capacity in CY 2024
- Gujarat, Tamil Nadu, and Rajasthan were the top three states for solar module manufacturing
- As of December 2024, monocrystalline with or without PERC technology accounted for nearly 59% of the country’s module production capacity, followed by TOPCon with almost 28%
- Monocrystalline accounted for over 68% of the country’s cell production capacity, followed by TOPCon (over 26%)
- The top three states for solar cell manufacturing capacity were Gujarat, Tamil Nadu, and Karnataka
More Than Half of India Likely to be Middle Class by 2030
Mumbai, 9th April, 2025: Boutique cultural strategy firm, Folk Frequency, has released its latest future-forward research report, ‘India 2030’ — a strategic playbook designed to help brands navigate India’s rapidly changing cultural and consumer landscape. The comprehensive report, which decodes 30+ cultural shifts, offers valuable perspectives on the changes in India’s economy and digital transformation.
Key Findings from the ‘India 2030’ Report
The New Indian Middle Class:
The India 2030 report reveals that India’s middle class will make up more than half of the population, shifting consumption from necessity-driven to experience-first. It further states that the demand for experiential products like casual dining (+49%) and fine dining (+55%) is soaring. This middle class is new in the sense that they are rising out of generational poverty. They are the first in their families to get educated, to earn early in jobs beyond domestic or unorganized labor.
Digital Consumption Reshaping Influence – But Algorithms Reinforce Old Biases:
57% of India’s internet users are in rural and tier-2+ cities, yet ad targeting and content curation still favor metros and English speakers. Because of AIs inherent bias against regional languages, a huge percentage of targeting is being wasted, as it does not reach true aspirational audiences in India, the report indicated.
Higher Literacy Reshaping Consumer Expectations:
The report finds that India’s higher education landscape is undergoing significant transformation, guided by the National Education Policy (NEP) 2020. A central objective of the NEP is to achieve a Gross Enrollment Ratio (GER) of 50% by 2035, a substantial increase from the 26.3% recorded in 2018. India’s literacy rate has also steadily climbed, reducing extreme poverty from 22.5% in 2011 to 10.2% in 2019. More than just economic upliftment, improved literacy is changing mindsets and making consumers more financially aware, brand-conscious, and critical of marketing claims. They now expect transparency and accountability, higher product service and standards, and greater brand trust and storytelling.
Women are India’s New Economic Powerhouse:
The report also indicates that more than half of medical students in India are women, and 14% of businesses are now female-led. In luxury markets, women accounted for 64% of growth in single-malt sales. Products designed for women, rather than adapted for them, will win over consumers. Niche and differentiated products with female aesthetic, handling, and dimensions that feel comfortable, not just ‘not bad’, will appeal to female consumers.
Gen-Z and Alpha Will be India’s Biggest Consumers:
93% of Indian Gen Z and Alpha are key decision-makers in family travel and expect brand alignment with values, inclusivity, and sustainability. Younger Indians are largely growing up westernised through education and exposure to social media. There is a clash of values when it comes to oppression and unsustainable practices in Indian culture – no matter how ancient those may be. They are looking back to Indian history, joining diverse global fandoms, and standing up for what they believe is right, pushing the culture towards a more ‘rights based’ inquiry system that strongly punishes unethical behaviour and cancels businesses and brands that indulge in the same.
Gayatri Sapru, the Founder of Folk Frequency and an Independent Anthropologist, said, “I have seen firsthand how wide the gap is between culture, data, and business strategy. Many of the analyses today are rehashing what is common knowledge because of lack of depth and rigour. This one is different. It is original and rigorous, and offers precise cues on evolving needs, identities, narratives, and positioning to help brands future-proof their relevance.”
In 2022, Folk Frequency unveiled another report titled ‘Girl Uninterrupted’ that transformed how brands saw heartland Indian Gen Z and became a go-to playbook for Fortune 50 companies. ‘India 2030’ takes this further, offering a radical, rooted way to decode the country’s next decade.
ZEISS Strengthens Operations with New Quality Excellence Center in Ahmedabad
9th April 2025, Ahmedabad, India – ZEISS, a leading provider of measurement solutions, has inaugurated of its first Quality Excellence Center (QEC) in Gujarat, making it the sixth QEC in India. This strategic expansion underscores ZEISS’s commitment to India’s rapidly growing manufacturing sector by providing cutting-edge quality assurance solutions and technical expertise closer to key industrial hubs.
Gujarat, known for its strong industrial ecosystem, has emerged as a major center for manufacturing, automotive, electric vehicle, medical and engineering industries. With the rise of the ‘Make in India’ initiative and increasing demand for high-precision manufacturing, the new ZEISS Quality Excellence Center will serve as a crucial enabler for businesses looking to achieve world-class quality standards.
Mr. Aveen Padmaprabha, Head – Industrial Quality Solutions at ZEISS India Pvt. Ltd., said, “Inauguration of ZEISS Quality Excellence Center in Ahmedabad aligns with India’s vision of becoming a global manufacturing powerhouse. This will be our sixth QEC and by establishing a dedicated Center in this region, we aim to support industries with advanced metrology solutions, application engineering expertise, and hands-on customer training, ensuring that manufacturers can enhance their quality control processes and drive greater efficiency.”
“Every measurement and analysis conducted here will have a far-reaching impact across industries such as Automotive, Medical, Electronics, and Electric Vehicles (EV). We aim to pursue excellence at every level for our customers, from the smallest detail to their most ambitious goal.” Aveen Padmaprabha further added.
The newly inaugurated center is equipped with ZEISS’s latest coordinate measuring machines (CMMs), optical 3D scanners, and surface measurement systems. It will provide comprehensive services including product demonstrations, training sessions, application support, and consultation to help manufacturers optimize their inspection workflows and maintain the highest quality standards.
The Quality Excellence Center is part of ZEISS Industrial Quality Solutions’ broader strategy to further expand its services across India, ensuring customers have easier access to state-of-the-art metrology technology and expertise. This expansion follows the successful establishment of similar centers in other key industrial locations, reinforcing ZEISS’s position as a trusted partner in industrial quality assurance.
With this move, ZEISS India’s Industrial Quality Solutions division will continue to empower manufacturers in Gujarat and across India with precision measurement solutions that drive innovation, reliability, and efficiency in mass production.
Technology and Services available at the latest Quality Excellence Center include:
- Dimensional measurement and inspection
- Surface and form measurement
- Material analysis
- Reverse engineering
- Training and support
Embryolisse Launches Sun Cream SPF 50 Review
Embryolisse brings innovation with its short, on-the-go sun care range, enriched in antioxidant Roucou Oil. The line comprises of ocean-friendly formulas that are rigorously tested on 100% sensitive skin: Sun Stick SPF50+ for multiple areas. This product offers comprehensive protection for all skin types, over the age of 3. They feature cutting-edge organic filters for high protection and the nourishing, antioxidant benefits of Roucou Oil, which ensures a radiant golden glow. Infused with a subtle fragrance, the stick formulas are friction and water-resistant, leaving no unsightly white streaks. Sun protection has never been easier, thanks to the sun stick, created for the entire family. A short and ultra-practical sun care product that is designed to minimize waste!
Embrace the sun’s warm rays – To meet the skin’s essential needs for hydration, nourishment, 3 protection, Embryolisse has created Sun Stick SPF50+ to protect all skin types, even the most sensitive.
EXTREME-PROTECTION – Prioritizing skincare while minimizing the brand’s impact on the oceans, Laboratoires Embryolisse have opted to exclude difficult to apply mineral filters that lack sensory appeal, along with controversial chemical filters such as octocrylene and oxybenzone. The alternative: a combination of three cutting-edge organic filters that ensure optimal protection and are non-ecotoxic for coral and marine algae.
Effective against UVA and UVB rays, these organic filters adhere to the highest standards of two internationally recognized protection factors:
SPF50 et SPF50+ (Sun Protection factor) that measures the level of protection against UVB rays.
PA++++ (Protection Guard of UVA Ray) that measures the level of protection against UVA rays.
A NATURAL ANTIOXIDANT GEM – Traditionally used in the Amazon as a balm against the harmful effects of the sun, Roucou Oil, rich in antioxidant Beta-carotenoids, moisturizes, nourishes, and protects the skin from free radicals that accelerate the skin aging process. This exceptional oil offers the very best in skincare and beauty enhancement, imparting a light orange hue that adds a luminous glow for irresistibly soft and silky-smooth skin.
EFFORTLESS APPLICATION – Embryolisse specially created this convenient on-the-go stick, for both pleasure and ease of use. No white streaks or sticky residue! Each texture melts into the skin, delivering a delicate fragrance with universal notes that set it apart from the typical scents associated with sun care.
Sun Stick SPF 50+ • PA++++
Formulated for the face and the most sensitive areas of the body.
No need to rub it in; it glides on effortlessly and is instantly forgotten. Application is as gentle as a caress and ideal for those who dislike cream on their hands. This enjoyable application method is equally appealing to women, children(3) and men.
Convenient: its compact, pocket- sized design effortlessly slips into any bag, making it perfect for lunch on the terrace, workout sessions, or moments of leisure.
Vegan, 88% natural origin
100% recycled plastic
Recyclable
Laboratory secrets with Véronique Broutin Development G Innovation Director – “Our accomplished team of formulators has successfully developed a sophisticated blend of three cutting-edge organic filters, meeting the most stringent protection standards: SPF50 and 50+, PA++++. This ensures effective protection against the harmful effects of UVA rays, which damage the skin and speed up the aging process, and UVB rays, responsible for sunburn. In keeping with our commitments, these two formulations prioritize a high level of natural ingredients to reduce our environmental impact and are presented in more eco-friendly packaging. As the final and essential step in a simple, yet effective skincare routine, our sun care line seamlessly aligns with the vision of conscious beauty that Embryolisse has always embraced.”
Kotak Life Wins ‘Best Organisation for Women’ for Second Consecutive Year
Mumbai, April 09, 2025: Kotak Mahindra Life Insurance Company Ltd. (Kotak Life) has once again been honoured as one of ET NOW’s Best Organisations for Women 2025. This recognition reaffirms Kotak Life’s ongoing commitment to fostering an inclusive and empowering workplace. The company believes that true inclusion is a continuous journey—driven by everyday actions and a shared commitment to progress.
Ruchira Bhardwaja, Chief Human Resources Officer, Kotak Mahindra Life Insurance said, “Winning the Best Organisation for Women award for the second year in a row reaffirms our belief that inclusion is not a milestone—it’s a mindset. We remain committed to creating a workplace where every woman can thrive, lead and shape the future”.
Kotak Life remains dedicated to strengthening diversity and inclusion initiatives, ensuring that every individual—regardless of gender—can build a fulfilling and rewarding career within the organisation.
The ET Now “Best Organisation for Women” award evaluates companies based on multiple parameters including women diversity, leadership representation, women empowerment initiatives, learning & development programs and overall workplace culture.
Black Box Appoints Jai Venkat to Drive Revenue Strategy in the Americas
Chandigarh, April 9, 2025: Black Box®, a leading digital infrastructure solution provider, today announced the appointment of Jai Venkat as the company’s Chief Revenue Officer (CRO) in the Americas. Venkat will lead revenue strategy & execution, driving growth, bolstering account management, and accelerating revenue across all industry verticals and horizontal practices. He will report directly to Black Box CEO Sanjeev Verma and will be a member of the Executive Leadership team. His appointment is part of Black Box’s broader strategic investment in refining its go-to-market strategy and strengthening leadership across key industry sectors and service lines to drive growth.
“Jai’s proven track record in driving transformation, building high-performing sales & horizontal practice organizations to deliver results in complex, global environments make him the ideal fit to lead our growth and revenue strategy,” said Black Box CEO Sanjeev Verma. “As we continue to strengthen our go-to-market execution and deepen our customer relationships along with our strong partner ecosystem, Jai will play a key role in aligning sales, solutions, marketing, and strategic initiatives to fuel our next phase of growth.”
Venkat joins Black Box with more than three decades of experience leading sales, services, and transformation initiatives at global technology firms. Prior to joining Black Box, he held senior executive leadership roles at Allied Digital, Zones, DXC Technology, HP Enterprise, Cognizant, Capgemini, and Infosys.
“Black Box is at a pivotal point in its growth journey, with strong momentum across verticals & horizontal practices and a compelling vision for the future,” said Venkat. “I’m excited to be part of the outstanding Black Box team. Together, we will advance a transformative, customer-centric sales & solutions approach that drives long-term value for clients and stakeholders.”
Komaki Electric Introduces All-New Ranger for Cruising
New Delhi, 9th April 2025: Komaki Electric, a leading electric vehicle brand, has launched the all-new Ranger series, unveiling India’s first fully loaded electric cruiser. The model will be available in two variants: Ranger – Fully Loaded and Ranger – Base Model. With unparalleled power, performance, and luxury, the new model is a game-changing electric motorcycle.
Bringing about the confluence of power and endurance, Ranger is ideal for riding beyond limits. It exhibits a range of 200-250 km that allows riding all day long without stopping, and the integration of the next-gen LiFePO₄ battery further makes the ride safer, more durable, and long-lasting for the rider. In addition to this, for ensuring aerodynamics & comfort, a front transparent windscreen is installed in the vehicle. It also features a 7-inch TFT display for driving advanced connectivity and the 60L additional storage enables convenient long hauls for riders.
The model has been launched with the purpose of revolutionizing the EV sector with the most powerful and advanced feature-packed electric cruiser. The Ranger exhibits unmatched range, cutting-edge features and compelling design that can grab the attention of onlookers. Being well-supported to facilitate long-distance cruising, the vehicle can be considered India’s first true electric cruiser. Furthermore, for ensuring longevity, the vehicle is well supported by a 3-year or 30,000 km warranty on the battery, motor and controller, along with a 1-year warranty on the charger for a hassle-free charging experience.
Speaking on the launch, Gunjan Malhotra, Co-founder of Komaki Electric Vehicles said, “We, at Komaki Electric, are very excited and looking forward to penetrating deeper into the market with the launch of the Ranger model. Delivering unparalleled power, sophistication, and eco-friendly performance in one breathtaking package, it can be considered one of the biggest launches of 2025. The model has been designed with the purpose of enabling long-distance cruising in electric vehicles that is sure to ace the game in the sector.”
Poonawalla Fincorp Launches New Shopkeeper Loan Business
Chandigarh, April 09, 2025: Poonawalla Fincorp Limited (PFL), a Cyrus Poonawalla Group promoted NBFC, focused on Consumer & MSME Lending, has today announced the launch of its Shopkeeper Loan Business. The solution addresses key financial challenges faced by small retailers and kirana stores, including cash flow, inventory, and customer management, while enhancing their operational efficiencies.
Building on its vision to become the preferred financier for the self-employed segment, PFL aims to enhance the competitiveness of small retail businesses through its customized financial solutions.
Commenting on the launch, Mr. Arvind Kapil, Managing Director & CEO of Poonawalla Fincorp, said: “India’s small retailers are the backbone of our consumer economy, yet their growth is often constrained by limited access to timely credit. With our Shopkeeper Loan, we are taking a decisive step to bridge this gap — offering tailored financial solutions that address their working capital needs and support long-term business resilience. By combining our risk-first and customer-centric approach, we aim to empower these businesses to thrive in an increasingly competitive retail environment.”
Small retailers and kirana stores form an integral part of India’s traditional domestic trade, contributing significantly to local economies across semi-urban and smaller towns. However, they have historically relied on family funding. PFL believes there is a great and attractive opportunity to bring them into formal credit.
The company aims to provide tailored financial solutions to small retailers and kirana stores across India. In the first phase, PFL is operationalizing 44 locations and institutionalizing its systems for a customer-centric approach. With the launch of the Shopkeeper Loan Business, PFL has now launched 4 new businesses.
By providing targeted financial solutions through its risk-first approach, PFL aims to enhance the competitiveness, sustainability, and long-term growth prospects of India’s critical small-business retail ecosystem. The company continues to focus on simplifying lending, creating customer delight, and enhancing experiences, which remain its top priorities.
Himadri Speciality Chemical Ltd Awarded in CDP Cycle
Kolkata, India – April 9, 2025 – Himadri Speciality Chemical Ltd, a global leader in speciality chemicals, has achieved a commendable ‘B’ rating in its maiden CDP evaluation in 2024 for both Climate Change and Water Security. This rating demonstrates Himadri’s effective addressing of its environmental impact and signifies robust environmental management practices. A ‘B’ score indicates that the company is actively managing the environmental implications of its operations and is committed to continuous improvement.
This achievement places Himadri alongside over 24,800 organizations worldwide that are utilizing data-driven insights to promote environmentally sustainable decisions, contributing to a positive impact on the planet. The CDP scores are recognized as a critical tool for driving companies from transparency to action, highlighting the business benefits of greater environmental disclosure.
Commenting on the 2024 CDP Ratings achieved, Mr Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd said:
“Our sustainability journey has been a remarkable one. ESG practices have been embedded in the core of our company for the past fifteen years, enabled by our close association with multilateral agencies like IFC Washington, DEG Germany, and leading global private equity players. Continuing in tune with our milestone achievement of elevating our EcoVadis rating from Silver to Platinum in a short span of just two years, this impressive CDP rating on our maiden attempt is a resounding affirmation of Himadri’s dedication to enabling transparency in ESG practices and our proactive approach to addressing climate and water security challenges. We are honoured to be recognized as a global leader, and we will continue to innovate, embrace sustainable solutions, and work towards creating a brighter future for all.”
The Carbon Disclosure Project (CDP) scores, which consider data alignment with leading frameworks and standards, are used by global investors to monitor company portfolios, assess investments, and comply with regulations. CDP scores help companies manage increasing climate change risks and identify opportunities for improved disclosure and transition plans. Himadri Speciality Chemical Ltd acknowledges the importance of ESG data in driving Earth-positive decisions and remains committed to partnering with stakeholders to create a world where people, planet, and profit are balanced.
Swan Defence and GRSE Sign MoU to Boost Indigenous Commercial Shipbuilding
Mumbai, April 09, 2025: Swan Defence and Heavy Industries Limited (“SDHI”), a key private player in commercial & defence shipbuilding, ship repairs, and heavy fabrication in India, has entered into a strategic Memorandum of Understanding (MoU) with Garden Reach Shipbuilders & Engineers Limited (GRSE). The MoU signed on April 7, 2025, at GRSE Bhavan, marks a significant milestone in strengthening India’s indigenous commercial shipbuilding ecosystem. The collaboration is in line with the Government’s vision of Atmanirbhar Bharat and reinforces SDHI’s commitment to building world-class maritime infrastructure in the country.
The partnership aims to jointly pursue opportunities in the construction of commercial vessels and offshore structures, with an eye on catering to both global markets and domestic maritime priorities. The association will allow Swan Defence and Heavy Industries Limited and GRSE to combine their capabilities in design, infrastructure, and project execution to create a robust and scalable model for commercial shipbuilding. This MoU is also expected to facilitate the sharing of facilities, co-development of standard vessel platforms, and coordinated project management strategies to enable faster turnaround and greater cost-efficiency.
The partnership also envisions the evolution of a strong vendor and supply chain ecosystem, driven by shared sourcing and procurement efficiencies. Furthermore, the MoU lays a strong emphasis on building skilled manpower to support the long-term growth of the shipbuilding sector. Both companies have agreed to work together not only on the construction front, but also in areas such as vessel trials, ship repair—laying the foundation for a sustainable and comprehensive model of industrial cooperation.
The MoU between SDHI and GRSE signifies a shared vision to advance India’s shipbuilding capabilities and create future-ready infrastructure that supports maritime innovation, economic development, and job creation.