Waaree, a manufacturer of Indian solar modules, says that tariffs will not affect its business in the near future.

Amit Paithankar, CEO of India's largest solar panel maker Waaree Energies, said that he does not anticipate the reciprocal tariffs imposed by President Donald Trump on the business of the company in the near future.

Trump has imposed a reciprocal tariff of 27% on India, as part sweeping tariffs against most imports to the United States.

The U.S. market is an important one for Indian solar modules makers. It accounted for almost one-fifth Waaree's revenues in the past financial year.

Paithankar believes that the revenue split will continue in the fiscal year which began on April 1.

Paithankar stated in an interview that "India is much better positioned (in terms tariffs) than the other countries with whom we compete in the solar sector in the U.S."

Paithankar stated that "as an industry we (India) need to see how to get a larger share of the American market overall (due to lower tariffs)."

The U.S. imposed higher tariffs against China and Southeast Asian nations.

According to the Council on Energy, Environment and Water, solar module shipments from India accounted for 5% of U.S. imported goods in the first quarter 2024, while 87% of imports came from Southeast Asian nations.

Waaree Paithankar said that tariffs will have an impact on prices, but the company would continue to invest in America because it views the country as "an extremely important market".

The company has an orderbook of 26 gigawatts with over half coming from the U.S.

(source: Reuters)