Shaking investor confidence, US duty probe puts Waaree, Adani, and Vikram Solar at risk in their key export market.
The United States has launched an anti-dumping and countervailing duty investigation into solar photovoltaic (PV) cells and modules from India. The move has raised concerns for Indian exporters who depend heavily on the American market.
The US Department of Commerce will examine whether these shipments were sold at unfairly low prices or received excessive government subsidies. The outcome could decide if Indian solar exports face additional tariffs.
The action follows petitions by the Alliance for American Solar Manufacturing and Trade (AASMT), supported by US solar firms, alleging that imports from India, Indonesia, and Laos are undercutting domestic manufacturers. The petitions claim dumping margins of more than 213% for India, alongside significant subsidy benefits.
If anti-dumping or countervailing duties are imposed after the probe, Indian solar exports to the US worth nearly ₹70 billion in 2024 could face steep tariffs. Analysts warn this would make shipments to the US economically unviable, dealing a severe blow to India’s solar manufacturing sector.
The stakes are particularly high as over 95% of India’s FY24 module exports were destined for the US Companies such as Waaree Energies, Adani Enterprises, Vikram Solar, and Premier Energies together shipped about 4.4 gigawatts of modules to the US last year, underscoring their dependence on the market.
The development comes shortly after the US imposed 50% tariffs on most Indian imports, excluding pharma and electronics. The dual threat of anti-dumping and countervailing duties adds fresh pressure to Indian exporters, potentially disrupting the growth of India’s renewable energy manufacturing sector.
