Page 55 - Policy Economic Report - August 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

prices reaching USD 515/MT (as of March 2025), this 10-year fixed-price bid provides strong economic
rationale for offtakers to initiate their clean energy transition journey.

SECI, acting as the intermediary procurer, has successfully anchored the auction under the guidance of
the Ministry of New & Renewable Energy (MNRE), with steadfast support from the Department of
Fertilizers and the participating offtakers.

This price discovery marks a watershed moment in India's Green Hydrogen journey and reinforces the
country’s vision of becoming a global hub for Green Hydrogen production. The auction witnessed intense
competition, reflecting the strong investor and developer confidence in India’s green energy transition
framework.

With robust payment security mechanisms in place, the scheme unlocks confidence across the value chain
and enables large-scale adoption of Green Ammonia and other derivatives.

India Achieved Historic Milestone of 100 GW Solar PV Module Manufacturing Capacity under ALMM

India has achieved a landmark milestone of 100 GW of solar PV module manufacturing capacity enlisted
under the Approved List of Models and Manufacturers (ALMM) for Solar PV Modules. This achievement
reflects the country’s rapid progress in building a robust and self-reliant solar manufacturing ecosystem,
aligned with the national vision of Atmanirbhar Bharat and the global imperative for clean energy
transition.

Highlighting this achievement, Union Minister of New and Renewable Energy Shri Pralhad Joshi said “India
has achieved a historic milestone -100 GW Solar PV Module Manufacturing Capacity under the Approved
List of Models and Manufacturers (ALMM), a remarkable rise from just 2.3 GW in 2014! Driven by the
visionary leadership of Prime Minister Shri Narendra Modi and transformative initiatives like the
Production Linked Incentive (PLI) Scheme for High-Efficiency Solar Modules, we are building a robust, self-
reliant solar manufacturing ecosystem. This achievement strengthens our path towards Atmanirbhar
Bharat and the target of 500 GW non-fossil capacity by 2030.”

The Government of India’s commitment is to make India self-reliant in solar PV manufacturing and
establish the country as a major player in the global value chain. This commitment is supported through
a comprehensive set of initiatives, including the PLI Scheme for High Efficiency Solar PV Modules and
measures to provide a level playing field for the Indian manufacturers. The catalytic effect of these
interventions has resulted in an expansion in solar module manufacturing capacity, from just 2.3 GW in
2014 to over 100 GW today. This reinforces India’s commitment to achieving 500 GW of non-fossil fuel
capacity by 2030 and contributes meaningfully to global decarbonization efforts.

The ALMM Order was issued by the Ministry of New and Renewable Energy (MNRE) on 02nd January 2019.
The first ALMM list for solar PV modules was published on 10th March 2021 with an initial enlisted capacity
of around 8.2 GW. In just over four years, this capacity has grown more than twelvefold, crossing the 100
GW mark. This remarkable expansion is not just limited to depth of capacity achieved, but by the breadth
of the number of manufacturers who has also significantly increased from 21 in 2021 to 100
manufacturers, who are operating 123 manufacturing units currently.

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